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The Limits of RationalityFrom University Of Chicago Press
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Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well.
Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models.
In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing?
Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.
- Sales Rank: #1639760 in Books
- Published on: 1990-11-15
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.10" w x 6.00" l, 1.29 pounds
- Binding: Paperback
- 272 pages
Most helpful customer reviews
3 of 3 people found the following review helpful.
Some prescient insights in a rapidly advancing field
By Herbert Gintis
This volume was written over twenty years ago in a rapidly-changing field, so its value is mostly historical, although there are a few classical papers, reprints, of enduring value by Mark Machina, Daniel Kahneman and Amos Tversky, and George Stigler and Gary Becker. I read this book as part of an endeavor to chart the development in our understanding of the rational actor model. While there is much that is out of date, trivial, and/or incorrect, there are some important insights worth recording.
The Introduction, by the editors and others, is extremely clear-headed. They identify the task of the book as that of determining "what is it that rational actor models can and cannot do." They further note that the rational actor model is "deeply interdisciplinary," and they argue that the future of rational choice theory "lies in analyses of norms and institutions." This position is extremely forward-looking, because until recently, rational choice and the theory of norms were considered antithetical approaches---a position leading to the impoverishment of both research areas.
Jon Elster provides a subtle and insightful analysis of instrumental rationality, by which he means that the agent chooses means that are most appropriate towards the achievement of desired ends. This notion is quite distinct from the "rational actor model" treatment of rationality as simply the transitive and consistency of preferences. Elster notes that some failures of the expected utility principle are really failures of instrumental rationality. For instance, "folk probability theory" differs systematically from mathematical probability theory, and this leads agents to make inferior choices, even given their preferences over outcomes. Nevertheless, preference transitivity may still hold. Elster's most original contribution here is a defense of the principle of rationality as the "default assumption," despite the fact that the principle fails in many important circumstances. On the other hand, Elster explicitly states that "normative behavior" is an alternative to "rational behavior," a view that contradicts that of the editors (and my own). He takes this position because he considers normative behavior as not a case of instrumental rationality (e.g., the norm of voting in a democracy is not instrumentally rational).
Michael Hechter, in a short commentary, notes several weakness of the Folk Theorem approach to cooperation among self-regarding agents. His incisive and prescient remarks lead him, correctly I believe, to stress that we must seek an "external" rather than an "internal" model of social cooperation---one that depends on social norms in some extrinsic way.
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