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  1. The Normative Standard for Future Discounting.Craig Callender - manuscript
    Exponential discounted utility theory provides the normative standard for future discounting as it is employed throughout the social sciences. Tracing the justification for this standard through economics, philosophy and psychology, I’ll make what I believe is the best case one can for it, showing how a non-arbitrariness assumption and a dominance argument together imply that discounting ought to be exponential. Ultimately, however, I don’t find the case compelling, as I believe it is deeply flawed. Non-exponential temporal discounting is often rational–indeed, (...)
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  2. An Ancient Paradox Applied to the Difference Principle (with the Help of Cryptocurrencies).Terence Rajivan Edward - manuscript
    John Rawls’s difference principle says that we should change our economy if doing so is better for the worst-off group, on the condition that certain basic rights are secured. This paper presents a kind of case that challenges the principle. If we modify the principle to cope with the challenge, we open the way to a Sorites paradox.
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  3. Carbon Fee Fail-Safe and Safeguard.P. Olcott - manuscript
    The fail-safe makes sure the fee is high enough to meet carbon emission reduction targets. The safeguard keeps the fee from getting any higher than needed. -/- One of the ways that we could account for the unpredictability of the price elasticity of demand for carbon would be to provide a fail-safe mechanism to ensure that we definitely stay on the carbon reduction schedule. If we keep Energy Innovation Act (HR 763) essentially as it is and scale up the annual (...)
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  4. The Subjective Approach to Ambiguity: A Critical Assessment.Nabil I. Al-Najjar & Jonathan Weinstein - forthcoming - Economics and Philosophy.
  5. Support for Geometric Pooling.Jean Baccelli & Rush T. Stewart - forthcoming - Review of Symbolic Logic:1-40.
    Supra-Bayesianism is the Bayesian response to learning the opinions of others. Probability pooling constitutes an alternative response. One natural question is whether there are cases where probability pooling gives the supra-Bayesian result. This has been called the problem of Bayes-compatibility for pooling functions. It is known that in a common prior setting, under standard assumptions, linear pooling cannot be non-trivially Bayes-compatible. We show by contrast that geometric pooling can be non-trivially Bayes-compatible. Indeed, we show that, under certain assumptions, geometric and (...)
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  6. Epistemically Different Epistemic Peers.Mariangela Zoe Cocchiaro & Bryan Frances - forthcoming - Topoi:1-11.
    For over a decade now epistemologists have been thinking about the peer disagreement problem of whether a person is reasonable in not lowering her confidence in her belief P when she comes to accept that she has an epistemic peer on P who disbelieves P. However, epistemologists have overlooked a key realistic way how epistemic peers can, or even have to, differ epistemically—a way that reveals the inadequacy of both conformist and non-conformist views on peer disagreement by uncovering how the (...)
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  7. Identity Economics by Akerlof and Kranton [Review].John Davis - forthcoming - Economics and Philosophy.
  8. The Quest for Economic Rationality in the Soviet Bloc.Jan S. Prybyla - forthcoming - Social Research.
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  9. A Critical Approach to Critiquing Economics.Hayden Wilkinson & Geoffrey Brennan - forthcoming - In Virtues and Economics 4.
  10. Money Pumps, Diachronic and Synchronic.Levy Yair - forthcoming - Journal of Ethics and Social Philosophy.
  11. The Sunk Cost "Fallacy" Is Not a Fallacy.Ryan Doody - 2020 - Ergo: An Open Access Journal of Philosophy 6:1153-1190.
    Business and Economic textbooks warn against committing the Sunk Cost Fallacy: you, rationally, shouldn't let unrecoverable costs influence your current decisions. In this paper, I argue that this isn't, in general, correct. Sometimes it's perfectly reasonable to wish to carry on with a project because of the resources you've already sunk into it. The reason? Given that we're social creatures, it's not unreasonable to care about wanting to act in such a way so that a plausible story can be told (...)
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  12. On the Individuation of Choice Options.Roberto Fumagalli - 2020 - Philosophy of the Social Sciences 50 (4):338-365.
    Decision theorists have attempted to accommodate several violations of decision theory’s axiomatic requirements by modifying how agents’ choice options are individuated and formally represented. In recent years, prominent authors have worried that these modifications threaten to trivialize decision theory, make the theory unfalsifiable, impose overdemanding requirements on decision theorists, and hamper decision theory’s internal coherence. In this paper, I draw on leading descriptive and normative works in contemporary decision theory to address these prominent concerns. In doing so, I articulate and (...)
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  13. Actionable Consequences: Reconstruction, Therapy, and the Remainder of Social Science.Lawrence Marcelle & Brendan Hogan - 2020 - Journal of Speculative Philosophy 34 (1):97-112.
    John Dewey and Ludwig Wittgenstein offer devastating critiques of the dominant model of human action that each inherited in their own time. Dewey, very early in his philosophical career, ostensibly put the stimulus–response mechanical understanding of action to rest with his “reflex-arc” concept article. Wittgenstein famously redescribed action as moves within language games that interconnect to constitute an interpretively open-ended form of life. In each case, these fundamental insights serve as heuristics, guiding our intellectual activity with regard to understanding our (...)
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  14. Contractarianism.Michael Moehler - 2020 - Cambridge: Cambridge University Press.
    This book provides a systematic defense of moral contractarianism as a distinct approach to the social contract. It elucidates, in comparison to moral conventionalism and moral contractualism, the distinct features of moral contractarianism, its scope, and conceptual and practical challenges that concern the relationship between morality and self-interest, the problems of assurance and compliance, rule-following, counterfactualism, and the nexus between morals and politics. It argues that, if appropriately conceived, moral contractarianism is conceptually coherent, empirically sound, and practically relevant, and has (...)
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  15. Rational Monism and Rational Pluralism.Jack Spencer - forthcoming - Philosophical Studies.
    Consequentialists often assume rational monism: the thesis that options are always made rationally permissible by the maximization of the selfsame quantity. This essay argues that consequentialists should reject rational monism and instead accept rational pluralism: the thesis that, on different occasions, options are made rationally permissible by the maximization of different quantities. The essay then develops a systematic form of rational pluralism which, unlike its rivals, is capable of handling both the Newcomb problems that challenge evidential decision theory and the (...)
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  16. Die toten Hände der Gruppenauswahl und Phänomenologie -Ein Rückblick auf "Individualität und Verstrickung" (Individuality and Entanglement) von Herbert Gintis 357p (2017) (Rezension überarbeitet 2019).Michael Richard Starks - 2020 - In Willkommen in der Hölle auf Erden: Babys, Klimawandel, Bitcoin, Kartelle, China, Demokratie, Vielfalt, Dysgenie, Gleichheit, Hacker, Menschenrechte, Islam, Liberalismus, Wohlstand, Internet, Chaos, Hunger, Krankheit, Gewalt, Künstliche Intelligenz, Krieg. Las Vegas, NV, USA: Reality Press. pp. 259-271.
    Da Gintis ein leitender Ökonom ist und ich einige seiner früheren Bücher mit Interesse gelesen habe, erwartete ich einige weitere Einblicke in das Verhalten. Leider, macht er die toten Hände der Gruppenauswahl und Phänomenologie in die Herzstücke seiner Verhaltenstheorien, und das macht die Arbeit weitgehend ungültig. Schlimmer noch, da er hier ein so schlechtes Urteilsvermögen an den Tag stellt, stellt er all seine bisherigen Arbeiten in Frage. Der Versuch, die Gruppenauswahl seiner Freunde in Harvard, Nowak und Wilson wiederzubeleben, vor ein (...)
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  17. 群体选择和现象学的死手 - 赫伯特·金提斯357p (2017)对个性和纠缠的回顾(2019年修订版) (The Dead Hands of Group Selection and Phenomenology -- A Review of (Individuality and Entanglement) by Herbert Gintis 357p (2017)).Michael Richard Starks - 2020 - In 欢迎来到地球上的地狱: 婴儿,气候变化,比特币,卡特尔,中国,民主,多样性,养成基因,平等,黑客,人权,伊斯兰教,自由主义,繁荣,网络,混乱。饥饿,疾病,暴力,人工智能,战争. Las Vegas, NV USA: Reality Press. pp. 236-248.
    由于金蒂斯是一位资深经济学家,而且我饶有兴趣地阅读了他的一些以前的书,所以我期待对行为有更多的见解。可悲的是,他把群体选择和现象学的死手变成了他行为理论的核心,这在很大程度上使工作无效。更糟糕的是,由 于他在这里表现出了如此糟糕的判断,这就使他对以前的所有工作都提出了质疑。几年前,他在哈佛、诺瓦克和威尔逊的朋友试图重新选择团体,这是过去十年中生物学领域的重大丑闻之一,我在《利他主义、耶稣和世界末日》 一文中讲述了这个悲惨的故事——邓普顿·福 foundation 买下了哈佛大学教授职位,攻击了进化、理性和文明——对E.O.威尔逊的《地球的社会征服》(2012年)和诺瓦克和高菲尔德"超级合作者"(2012年)的回顾。与诺瓦克不同,金提人似乎并 非出于宗教狂热,而是强烈希望为人性的严峻现实创造一种替代方案,而(几乎普遍)缺乏对人类基本生物学的理解和空白石板主义的使之变得容易。行为科学家、其他学者和一般公众。 Gintis正确地攻击(正如他以前多次)经济学家、社会学家和其他行为科学家没有一个连贯的框架来描述行为。当然,理解行为所需的框架是一个进化的框架。不幸的是,他未能提供一个自己(根据他的许多批评家,我同 意),并试图嫁接腐烂的尸体的群体选择到任何经济和心理理论,他在他的几十年的工作,只是使他的整个项目无效。 虽然金蒂斯勇敢地努力去理解和解释遗传学,比如威尔逊和诺瓦克,但他远非专家,和他们一样,数学只是使他看不到生物学上的不可能性,当然这是科学的常态。正如维特根斯坦在《文化与价值》第一页中著名的指出的那样: "没有宗教派别滥用形而上学的表达方式像在数学中那样造成如此多的辛德。 一直很清楚,导致行为降低其自身频率的基因不能持久,但这是群体选择概念的核心。此外,众所周知,并经常证明,群体选择只是减少到包容性健身(亲属选择),正如道金斯指出,这只是另一个名字进化的自然选择。和威尔 逊一样,金蒂斯在这个舞台上工作了大约50年,但至今还没有掌握,但是丑闻爆发后,我只用了3天时间就找到、阅读和理解了最相关的专业工作,就像我的文章所详述的。想到金蒂斯和威尔逊在近半个世纪里未能实现这一点 ,这令人费解。 我讨论了群体选择和现象学的错误,这是学术界的常态,是几乎普遍不理解正在毁灭美国和世界的人性的特殊情况。 那些希望从现代两个系统的观点来看为人类行为建立一个全面的最新框架的人,可以查阅我的书《路德维希的哲学、心理学、Min d和语言的逻辑结构》维特根斯坦和约翰·西尔的《第二部》(2019年)。那些对我更多的作品感兴趣的人可能会看到《会说话的猴子——一个末日星球上的哲学、心理学、科学、宗教和政治——文章和评论2006-20 19年第3次(2019年)和自杀乌托邦幻想21篇世纪4日 (2019) .
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  18. Weak Pseudo-Rationalizability.Rush T. Stewart - 2020 - Mathematical Social Sciences 104:23-28.
    This paper generalizes rationalizability of a choice function by a single acyclic binary relation to rationalizability by a set of such relations. Rather than selecting those options in a menu that are maximal with respect to a single binary relation, a weakly pseudo-rationalizable choice function selects those options that are maximal with respect to at least one binary relation in a given set. I characterize the class of weakly pseudo-rationalizable choice functions in terms of simple functional properties. This result also (...)
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  19. A Hyper-Relation Characterization of Weak Pseudo-Rationalizability.Rush T. Stewart - 2020 - Journal of Mathematical Psychology 99:1-5.
    I provide a characterization of weakly pseudo-rationalizable choice functions---that is, choice functions rationalizable by a set of acyclic relations---in terms of hyper-relations satisfying certain properties. For those hyper-relations Nehring calls extended preference relations, the central characterizing condition is weaker than (hyper-relation) transitivity but stronger than (hyper-relation) acyclicity. Furthermore, the relevant type of hyper-relation can be represented as the intersection of a certain class of its extensions. These results generalize known, analogous results for path independent choice functions.
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  20. What is the Economic Concept of Choice? An Experimental Philosophy Study.Michiru Nagatsu & Kaire Põder - 2019 - Economics and Philosophy 35 (3):461-478.
    Economists and philosophers disagree about the concept of choice used in economics. Some behavioural economists argue that economic models of choice will improve as they become more and more psychologically realistic. Don Ross argues that this argument fails because its hidden assumption – that the economic concept of choice is the same as the psychological counterpart – is false. Ross conjectures that the economic concept of choice concerns a population-scale pattern of behavioural changes in response to incentives. We conduct a (...)
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  21. As mãos mortas da seleção de grupo e fenomenologia - uma revisão de Individualidade e Entrelaçamento (Individuality and Entanglement) por Herbert Gintis 357p (2017) revisão revisada 2019).Michael Richard Starks - 2019 - In Delírios Utópicos Suicidas no Século XXI Filosofia, Natureza Humana e o Colapso da Civilization- Artigos e Comentários 2006-2019 5ª edição. Las Vegas, NV USA: Reality Press. pp. 247-259.
    Desde Gintis é um economista sênior e eu li alguns de seus livros anteriores com interesse, eu estava esperando um pouco mais insights sobre o comportamento. Infelizmente, ele faz as mãos mortas de seleção de grupo e fenomenologia para as peças centrais de suas teorias de comportamento, e isso em grande parte invalida o trabalho. Pior, uma vez que ele mostra um julgamento tão ruim aqui, ele chama a questão de todo o seu trabalho anterior. A tentativa de ressuscitar a (...)
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  22. Las manos muertas de selección de grupo y fenomenología--una revisión de la ‘Individualidad y el Entrelazamiento’ (Individuality and Entanglement) por Herbert Gintis 357p (2017)(revisión revisada 2019).Michael Richard Starks - 2019 - In Delirios Utópicos Suicidas en el Siglo 21 La filosofía, la naturaleza humana y el colapso de la civilización Artículos y reseñas 2006-2019 4a Edición. Las Vegas, NV USA: Reality Press. pp. 344-356.
    Como Gintis es economista senior y he leído algunos de sus libros anteriores con interés, esperaba más información sobre el comportamiento. Tristemente, hace las manos muertas de selección de grupos y fenomenología en los centros de sus teorías de comportamiento, y esto invalida en gran medida la obra. Peor aún, ya que muestra tan mal juicio aquí, cuestiona todo su trabajo anterior. El intento de resucitar la selección grupal por sus amigos en Harvard, Nowak y Wilson, hace unos años fue (...)
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  23. Cluster Approach in Innovation and Investment Entrepreneurial Activity in Free Economic Zones Promoting.Igor Britchenko & Peter Jarosz - 2018 - In Igor Britchenko & Yevheniia Polishchuk (eds.), Development of small and medium enterprises: the EU and east-partnership countries experience: collective monograph. pp. 117 - 129.
    In markets globalization and increasing competition context, governments of the world’s leading countries are forced to use complex organizational and economic instruments to support the countries’ economy. One of such instruments is creation of Free Economic Zones (FEZ) with favorable conditions for doing business. Over the last decade activation process of Free Economic Zones mechanism disposal for the economy of a particular country development has been possible to observe. If in 1995 there were approximately 500 zones in the world, now (...)
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  24. Development of Small and Medium Enterprises: The EU and East-Partnership Countries Experience: Monograph.Igor Britchenko & Ye Polishchuk (eds.) - 2018 - Wydawnictwo Państwowej Wyższej Szkoły Zawodowej im. prof. Stanisława Tarnowskiego w Tarnobrzegu.
    The monograph reveals challenging issues of small and medium enterprises development in the European Union and East-Partnership countries. Special attention is paid to a new paradigm of financing investments and fostering innovations at all levels of legal entities including SMEs, enhancing innovative entrepreneurship in conditions of global social and technological challenges as well as determining priority sectors for small and medium enterprises as drivers of economic growth. The authors of the monograph emphasize on such European approaches to financing SMEs as (...)
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  25. Reason and Pareto‐Optimization.Katharine Browne - 2017 - Southern Journal of Philosophy 55 (2):196-213.
    This paper takes up David Gauthier's most recent defense of the rationality of cooperation in prisoner's dilemmas. In that defense, Gauthier argues for a Pareto-optimizing theory of rational choice. According to Gauthier, rational action should sometimes aim at Pareto-optimization, and cooperation in prisoner's dilemmas is rational because it is Pareto-optimizing. I argue that Pareto-optimization cannot justify cooperation in the prisoner's dilemma in a manner that is also consistent with Gauthier's other desiderata. Either: the rationality of cooperation must derive from what (...)
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  26. Umweltmanagement und Rationalität. Der Schatten von VW: Betrieblicher Umweltschutz auf dem Prüfstand.Kay Herrmann - 2017 - WiSt 4 (2017):47-49.
    Economic pressures, mounting environmental, security and health requirements, are all critical factors that shape economic action. With regard to environmental protection, an economic entity acting as homo oeconomicus finds himself in a situation resembling a prisoner’s dilemma. Signposts for a possible resolution of this dilemma include an environmental management system, a system of environmental law based on the principles of environmental ethics, and a new conception of human nature.
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  27. Reason-Based Choice and Context-Dependence: An Explanatory Framework.Franz Dietrich & Christian List - 2016 - Economics and Philosophy 32 (2):175-229.
    We introduce a “reason-based” framework for explaining and predicting individual choices. It captures the idea that a decision-maker focuses on some but not all properties of the options and chooses an option whose motivationally salient properties he/she most prefers. Reason-based explanations allow us to distinguish between two kinds of context-dependent choice: the motivationally salient properties may (i) vary across choice contexts, and (ii) include not only “intrinsic” properties of the options, but also “context-related” properties. Our framework can accommodate boundedly rational (...)
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  28. The Morality of Economic Behaviour.Vangelis Chiotis - 2015 - Journal of Global Ethics 11 (2):188-204.
    One approach to moral economy wishes to show that it is rational to be moral. As rational morality has received little attention from economics, as opposed to political philosophy, this article examines it in an economics framework. Rational morality refers primarily to individual behaviour so that one may also speak of it as moral microeconomics. When a group of agents are disposed to constrain their maximisation, that behaviour may be considered rational. However, this relies on ‘moralised’ assumptions about individual behaviour. (...)
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  29. In Search of Lost Nudges.Guilhem Lecouteux - 2015 - Review of Philosophy and Psychology 6 (3):397-408.
    This paper discusses the validity of nudges to tackle time-inconsistent behaviours. I show that libertarian paternalism is grounded on a peculiar model of personal identity, and that the argument according to which nudges may improve one’s self-assessed well-being can be seriously questioned. I show that time inconsistencies do not necessarily reveal that the decision maker is irrational: they can also be the result of discounting over the degree of psychological connectedness between our successive selves rather than over time. Time inconsistency (...)
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  30. Decision-Theoretic Approaches to Non-Knowledge in Economics.Ekaterina Svetlova & Henk van Elst - 2015 - In Gross Matthias & McGoey Linsy (eds.), Routledge International Handbook of Ignorance Studies. Routledge. pp. 349-360.
    The aim of this contribution is to provide an overview of conceptual approaches to incorporating a decision maker’s non-knowledge into economic theory. We will focus here on the particular kind of non-knowledge which we consider to be one of the most important for economic discussions: non-knowledge of possible consequence-relevant uncertain events which a decision maker would have to take into account when selecting between different strategies.
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  31. The Consistency and Ecological Rationality Approaches to Normative Bounded Rationality.Nathan Berg - 2014 - Journal of Economic Methodology 21 (4):375-395.
    This paper focuses on tacit versus explicit uses of plural performance metrics as a primary methodological characteristic. This characteristic usefully distinguishes two schools of normative analysis and their approaches to normative interpretations of bounded rationality. Both schools of thought make normative claims about bounded rationality by comparing the performance of decision procedures using more than one performance metric. The consistency school makes tacit reference to performance metrics outside its primary axiomatic framework, but lexicographically promotes internal axiomatic consistency as the primary, (...)
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  32. Logic, Rationality and Knowledge in Ramsey's Thought: Reassessing 'Human Logic'.Marion Gaspard - 2014 - Journal of Economic Methodology 21 (2):139-157.
    This paper reconsiders Frank Ramsey's essay on subjective probability (1926) as a consistent way to articulate logic, rationality and knowledge. The first part of the essay builds an axiomatic theory of subjective probability based on ‘formal logic’, defining rationality as choice-consistency. The second part seems to open up different horizons: the evaluation of degrees of belief by ‘human logic’. Because of the interest Keynes (1931) had taken in ‘human logic’, it was considered to be a possible alternative to the formal (...)
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  33. Is It Rational to Have Rational Expectations?Alan Kirman - 2014 - Mind and Society 13 (1):29-48.
    In economics in situations where there is uncertainty one has to attribute some attitude to handling this uncertainty to individuals. The original idea was to assume that “people do not make systematic mistakes” for which Muth coined the term “rational expectations”. This was replaced by a much more formal vision which suggested that people fully understand how the economy evolves. In this paper I will argue that the foundations of the “rational expectations” hypothesis which has underpinned most recent modern macroeconomic (...)
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  34. Rethinking Rational Expectations in Complex Economic Systems: Cars Hommes' Resurrection of Poincaré's View.Alan Kirman - 2014 - Journal of Economic Methodology 21 (3):313-316.
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  35. The Social Motivation Hypothesis for Prosocial Behavior.M. Nagatsu, M. Salmela & Marion Godman - 2014 - Philosophy of the Social Sciences 44 (5):563-587.
    Existing economic models of prosociality have been rather silent in terms of proximate psychological mechanisms. We nevertheless identify the psychologically most informed accounts and offer a critical discussion of their hypotheses for the proximate psychological explanations. Based on convergent evidence from several fields of research, we argue that there nevertheless is a more plausible alternative proximate account available: the social motivation hypothesis. The hypothesis represents a more basic explanation of the appeal of prosocial behavior, which is in terms of anticipated (...)
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  36. Special Issue on “Bounded Rationality Updated”: Preface.Marco Novarese & Riccardo Viale - 2014 - Mind and Society 13 (1):1-2.
    From April 8th to 10th 2013, the Herbert Simon Society held its first General Conference in New York. About fifty researchers from different countries and working in different areas attended the event. The conference focused on three topics which were identified as particularly relevant in the development of Simonian thought: duality of mind, creativity and alternative theories to rational expectations. A first Herbert Simon Honorary Lecture by Gerd Gigerenzer opened the conference. Gerg Gigerenzer was later elected as Chairman of the (...)
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  37. Theory of Conditional Games.Don Ross - 2014 - Journal of Economic Methodology 21 (2):193-198.
  38. Psychological Versus Economic Models of Bounded Rationality.Don Ross - 2014 - Journal of Economic Methodology 21 (4):411-427.
    That the rationality of individual people is ‘bounded’ – that is, finite in scope and representational reach, and constrained by the opportunity cost of time – cannot reasonably be controversial as an empirical matter. In this context, the paper addresses the question as to why, if economics is an empirical science, economists introduce bounds on the rationality of agents in their models only grudgingly and partially. The answer defended in the paper is that most economists are interested primarily in markets (...)
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  39. The Foundations of Economic Complexity in Behavioral Rationality and Heterogeneous Expectations.J. Barkley Rosser - 2014 - Journal of Economic Methodology 21 (3):308-312.
  40. La riproduzione come fine ultimo degli organismi viventi: Genealogia di un paradigma economico.Davide Serpico, Luca Costa & Davide Rasino - 2014 - Naturalmente 27 (3):4-10.
    Mostrando le analogie tra il modello di Homo oeconomicus e quello che chiameremo Animal oeconomicum, nonché la genealogia del ragionamento “economico” applicato al comportamento animale, vengono messi in risalto gli impliciti e le debolezze di alcuni ragionamenti etologici frequenti; revisioni e critiche che hanno ridimensionato il concetto di Homo oeconomicus sono applicabili anche all’interpretazione raziocinante e calcolatrice del comportamento animale.
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  41. Soros's Reflexivity Concept in a Complex World: Cauchy Distributions, Rational Expectations, and Rational Addiction.John B. Davis - 2013 - Journal of Economic Methodology 20 (4):368-376.
    George Soros makes an important analytical contribution to understanding the concept of reflexivity in social science by explaining reflexivity in terms of how his cognitive and manipulative causal functions are connected to one another by a pair of feedback loops (Soros, 2013). Fallibility, reflexivity and the human uncertainty principle. Here I put aside the issue of how the natural sciences and social sciences are related, an issue he discusses, and focus on how his thinking applies in economics. I argue that (...)
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  42. Popper, Rationality and the Possibility of Social Science.Danny Frederick - 2013 - Theoria : An International Journal for Theory, History and Fundations of Science 28 (1):61-75.
    Social science employs teleological explanations which depend upon the rationality principle, according to which people exhibit instrumental rationality. Popper points out that people also exhibit critical rationality, the tendency to stand back from, and to question or criticise, their views. I explain how our critical rationality impugns the explanatory value of the rationality principle and thereby threatens the very possibility of social science. I discuss the relationship between instrumental and critical rationality and show how we can reconcile our critical rationality (...)
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  43. Reflexivity and Equilibria.Francesco Guala - 2013 - Journal of Economic Methodology 20 (4):397-405.
    The failure of models based on rational expectations to explain the ‘boom and bust’ of financial markets does not support Soros' critique of mainstream economics or his call for a theoretical revolution. Contrary to what Soros says, standard rational choice theory has the conceptual resources to analyse reflexivity. The dynamic of feedback loops for example can be described by simple models based on multiple equilibria and informational cascades. The problem is that agents and theorists sometimes lack the information required to (...)
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  44. Introduction to Symposium on ‘Reflexivity and Economics: George Soros's Theory of Reflexivity and the Methodology of Economic Science’.D. Wade Hands - 2013 - Journal of Economic Methodology 20 (4):303-308.
  45. A Reply to Lehtinen, Teschl and Pattanaik.Daniel M. Hausman - 2013 - Journal of Economic Methodology 20 (2):219-223.
  46. Reflexivity, Expectations Feedback and Almost Self-Fulfilling Equilibria: Economic Theory, Empirical Evidence and Laboratory Experiments.Cars Hommes - 2013 - Journal of Economic Methodology 20 (4):406-419.
    We discuss recent work on bounded rationality and learning in relation to Soros' principle of reflexivity and stress the empirical importance of non-rational, almost self-fulfilling equilibria in positive feedback systems. As an empirical example, we discuss a behavioral asset pricing model with heterogeneous expectations. Bubble and crash dynamics is triggered by shocks to fundamentals and amplified by agents switching endogenously between a mean-reverting fundamental rule and a trend-following rule, based upon their relative performance. We also discuss learning-to-forecast laboratory experiments, showing (...)
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  47. Rationality and Self-Interest in Pettit’s Model of Virtual Reality.Pedro McDade - 2013 - Dissertation, London School of Economics and Political Science
    Economists usually assume that rational actions are the ones motivated by a self-interested agent. However in our daily life we often see people doing altruistic actions which we praise and which we do not call irrational. How can we account for this paradox? This question and the tension underlying it, is at the heart of Philip Pettit’s classic essay, “The Virtual Reality of Homo Economicus” (1995). This dissertation constitutes a detailed analysis and evaluation of the claims that Pettit makes there, (...)
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  48. Evolution and Rationality: Decisions, Co-Operation and Strategic Behaviour, Samir Okasha and Ken Binmore (Eds.). Cambridge University Press, 2012, X + 281 Pages. [REVIEW]Ryan Muldoon - 2013 - Economics and Philosophy 29 (3):425-430.
  49. Experimental Philosophy of Economics.Michiru Nagatsu - 2013 - Economics and Philosophy 29 (2):263-76.
    This article is a prelude to an experimental study of the preference concept in economics. I argue that a new empirical approach called experimental philosophy of science is a promising approach to advance the philosophy of economics. In particular, I discuss two debates in the field, the neuroeconomics controversy and the commonsensible realism debate, and suggest how experimental and survey techniques can generate data that will inform these debates. Some of the likely objections from philosophers and economists are addressed, and (...)
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  50. The Limits of Unification for Theory Appraisal: A Case of Economics and Psychology.Michiru Nagatsu - 2013 - Synthese 190 (2):2267-2289.
    In this paper I examine Don Ross’s application of unificationism as a methodological criterion of theory appraisal in economics and cognitive science. Against Ross’s critique that explanations of the preference reversal phenomenon by the ‘heuristics and biases’ programme is ad hoc or ‘Ptolemaic’, I argue that the compatibility hypothesis, one of the explanations offerd by this programme, is theoretically and empirically well-motivated. A careful examination of this hypothesis suggests several strengths of a procedural approach to modelling cognitive processes underlying individual (...)
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