We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … evidence raises doubts about the choice of language that equates consistency with rationality in economics. … between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by …

How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality … rationality, with particular emphasis on growing formalization of those departures, which add necessary precision. We also explore … the relationship between bounded rationality and libertarian paternalism, or nudges, and show that some recent objections …

The cornerstone of mainstream economic theory is the premise of rationality. Humans are assumed to be rational economic …