 Rationality, Behavioural Economics and Amartya SenS. R. Osmani Journal of Human Development and Capabilities, 2019, vol. 20, issue 2, 162-180 Abstract: Recent developments in behavioural economics have posed a serious challenge to the assumption of rational choice underlying economic models. In particular, a number of so-called ‘anomalies’ in actual behaviour have been identified that are claimed to conflict with the implications of rational behaviour. This paper critically examines a number of such anomalies and tries to assess how far they actually challenge the precepts of rational choice. This assessment is made in the light of Amartya Sen’s critique and refinement of rational choice theory. Using the lens of Sen’s analysis, the paper finds that (a) many of the anomalies do not pose any challenge at all to even the narrowest version of the rational choice model, (b) some do challenge the narrow versions but not the broader ones, and (c) a few genuinely call for extending rational choice foundations of economic theory more radically – especially, in ways that Sen has been advocating for a long time. Date: 2019 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:jhudca:v:20:y:2019:i:2:p:162-180 Ordering information: This journal article can be ordered from DOI: 10.1080/19452829.2019.1565631 Access Statistics for this article Journal of Human Development and Capabilities is currently edited by Kathryn Rosenblum More articles in Journal of Human Development and Capabilities from Taylor & Francis Journals |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.