Reasonable bounds on rationality
Igor Grossmann () and
Richard P. Eibach ()
Additional contact information
Igor Grossmann: University of Waterloo
Richard P. Eibach: University of Waterloo
Mind & Society: Cognitive Studies in Economics and Social Sciences, 2021, vol. 20, issue 1, No 5, 59-67
Abstract Previous theory and research on bounded rationality has emphasized how limited cognitive resources constrain people from making utility maximizing choices. This paper expands the concept of bounded rationality to consider how people’s rationality may be constrained by their internalization of a qualitatively distinct standard for sound judgment, which is commonly labeled reasonableness. In contrast to rationality, the standard of reasonableness provides guidance for making choices in situations that involve balancing incommensurable values and interests or reconciling conflicting points-of-view. We review recent evidence showing that laypeople readily recognize the distinctions between rationality and reasonableness and thus are able to utilize these as distinct standards to inform their everyday decision-making. The fact that people appear to have internalized rationality and reasonableness as distinct standards of sound judgment supports the notion that people’s pursuit of rationality may be bounded by their determination to also be reasonable.
Keywords: Reasonableness; Folk theories; Sound judgment; Wisdom; Lay beliefs; Culture (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s11299-020-00267-9 Abstract (text/html)
Access to the full text of the articles in this series is restricted.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:minsoc:v:20:y:2021:i:1:d:10.1007_s11299-020-00267-9
Ordering information: This journal article can be ordered from
Access Statistics for this article
Mind & Society: Cognitive Studies in Economics and Social Sciences is currently edited by Riccardo Viale
More articles in Mind & Society: Cognitive Studies in Economics and Social Sciences from Springer, Fondazione Rosselli Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().