Inconsistency is not pathological: a pragmatic perspective

Mario J. Rizzo ()
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Mario J. Rizzo: New York University

Mind & Society: Cognitive Studies in Economics and Social Sciences, 2019, vol. 18, issue 1, No 6, 77-85

Abstract: Abstract Both behavioral and standard neoclassical economists place a heavy emphasis on the consistency of preferences. In particular, transitive preferences are considered a desideratum. This paper attempts to show that consistency at the level of individual choice may be pragmatically irrelevant. Consistently following an environmentally adapted rule can result in intransitive preferences without negative consequences for individual or social goals. I give three examples of this. Social scientists should look at intransitivity of choices as a challenge to offer better explanations rather than as a normative defect.

Keywords: Rationality; Intransitivity; Rules; Adaptation (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/s11299-019-00211-6

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