Choice, internal consistency, and rationality

Aditi Bhattacharyya (), Prasanta Pattanaik () and Yongsheng Xu
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Aditi Bhattacharyya: Department of Economics and International Business, Sam Houston State University
Prasanta Pattanaik: Department of Economics, University of California - Riverside

No 1011, Working Papers from Sam Houston State University, Department of Economics and International Business

Abstract: The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms of classical rational choice theory, and examines the broad impact of these criticisms from both normative and positive points of view.

Date: 2010-12
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http://www.shsu.edu/academics/economics-and-intern ... es/wp10-11_paper.pdf (application/pdf)

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Journal Article: CHOICE, INTERNAL CONSISTENCY AND RATIONALITY (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:shs:wpaper:1011

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