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2 - What Is Rationality?

Published online by Cambridge University Press:  02 December 2019

Mario J. Rizzo
Affiliation:
New York University
Glen Whitman
Affiliation:
California State University, Northridge
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Summary

The standard neoclassical conception of rationality is narrow. It was created mainly for technical purposes such as making economic models internally consistent and mathematically tractable. We advocate a broader notion, especially for normative purposes, of “inclusive rationality.” This rationality concept is consistent with many of the choices and behaviors attributed to cognitive biases by behavioral economists. In fact, these biases can even be useful in helping people achieve their purposes. Although a narrow form of rationality may be more easily falsified, the broader form is the normatively relevant one.

Type
Chapter
Information
Escaping Paternalism
Rationality, Behavioral Economics, and Public Policy
, pp. 25 - 38
Publisher: Cambridge University Press
Print publication year: 2019

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  • What Is Rationality?
  • Mario J. Rizzo, New York University, Glen Whitman, California State University, Northridge
  • Book: Escaping Paternalism
  • Online publication: 02 December 2019
  • Chapter DOI: https://doi.org/10.1017/9781139061810.003
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To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • What Is Rationality?
  • Mario J. Rizzo, New York University, Glen Whitman, California State University, Northridge
  • Book: Escaping Paternalism
  • Online publication: 02 December 2019
  • Chapter DOI: https://doi.org/10.1017/9781139061810.003
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • What Is Rationality?
  • Mario J. Rizzo, New York University, Glen Whitman, California State University, Northridge
  • Book: Escaping Paternalism
  • Online publication: 02 December 2019
  • Chapter DOI: https://doi.org/10.1017/9781139061810.003
Available formats
×