Rationality, Learning and Complexity

Alessandro Vercelli
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Alessandro Vercelli: University of Siena

Chapter 3 in Psychology, Rationality and Economic Behaviour, 2005, pp 58-83 from Palgrave Macmillan

Abstract: Abstract Although standard economic theory is based on methodological individualism, this does not imply that individuals play a crucial role in economic models. On the contrary, in such a theory individuals are deprived of authentic subjective features and play no significant role as genuine subjects. The so-called homo economicus is characterized by given preferences that are conceived as exogenous and invariant over time. Therefore, the genuine psychological features of an economic agent do not matter.

Keywords: Decision Theory; Rational Expectation; Economic Agent; Behavioural Rationality; Substantive Rationality (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1057/9780230522343_3

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