The Diversity of Rational Choice Theory: A Review Note
Topoi 39 (2):329-347 (2020)
Abstract
In this paper, I review the literature on rational choice theory to scrutinize a number of criticisms that philosophers have voiced against its usefulness in economics. The paper has three goals: first, I argue that the debates about RCT have been characterized by disunity and confusion about the object under scrutiny, which calls into question the effectiveness of those criticisms. Second, I argue that RCT is not a single and unified choice theory—let alone an empirical theory of human behavior—as some critics seem to suppose. Rather, there are several variants of RCT used in economics. Third, I propose that we think of RCT as a set of distinct research strategies to appreciate its diversity. This account implies that the effectiveness of any criticism depends on the variant of RCT we are considering.Author's Profile
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Citations of this work
Imagination Rather Than Observation in Econometrics: Ragnar Frisch’s Hypothetical Experiments as Thought Experiments.Catherine Herfeld - 2019 - Hopos: The Journal of the International Society for the History of Philosophy of Science 9 (1):35-74.
Weakness of will. The limitations of revealed preference theory.Aleksander Ostapiuk - 2022 - Acta Oeconomica 1 (72):1-23.
Understanding the rationality principle in economics as a functional a priori principle.Catherine Herfeld - 2020 - Synthese 198 (Suppl 14):3329-3358.
Revisiting the criticisms of rational choice theories.Catherine Herfeld - 2022 - Philosophy Compass 17 (1):e12774.
Non-Muslims in the Qanun Jinayat and the Choice of Law in Sharia Courts in Aceh.Abdul Halim - 2022 - Human Rights Review 23 (2):265-288.
References found in this work
Judgment Under Uncertainty: Heuristics and Biases.Daniel Kahneman, Paul Slovic & Amos Tversky (eds.) - 1982 - Cambridge University Press.
The Inexact and Separate Science of Economics.Daniel M. Hausman - 1992 - Cambridge University Press.