Rationality in Disequilibrium

Siro Lombardini

Chapter 14 in Nonlinear and Multisectoral Macrodynamics, 1990, pp 207-223 from Palgrave Macmillan

Abstract: Abstract Rational behaviour has been traditionally defined as maximising (optimising) behaviour. Such a definition is grounded on the assumption of certainty (individuals have complete and certain informations) and by reference to an equilibrium structure of the system. From the individual rational behaviour so defined we can infer a criterion for rationality of the whole system: the Pareto criterion. Pareto optima are, in fact, consistent sets of individuals’ rational choices.

Keywords: Equilibrium Model; Rational Choice; Rational Behaviour; Rational Expectation; Rational Structure (search for similar items in EconPapers)
Date: 1990
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10612-7_14

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349106127

DOI: 10.1007/978-1-349-10612-7_14

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().