Normative ecological rationality: normative rationality in the fast-and-frugal-heuristics research program

D. Wade Hands ()

Journal of Economic Methodology, 2014, vol. 21, issue 4, 396-410

Abstract: The purpose of this paper is to examine the normative interpretation of the fast-and-frugal research program and in particular to contrast it with the normative reading of rational choice theory and behavioral economics. The ecological rationality of fast-and-frugal heuristics is admittedly a form of normative naturalism (Gigerenzer and Sturm 2012) - it derives what agents "ought" to do from that which "is" ecologically rational - and the paper will examine how this differs from the normative rationality associated with rational choice theory. I will also attempt to assess the relative adequacy of normative ecological rationality.

Date: 2014
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DOI: 10.1080/1350178X.2014.965907

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