There is abundant evidence that many individuals violate the rationality assumptions routinely made in economics …. However, powerful evidence also indicates that violations of individual rationality do not necessarily refute the aggregate … predictions of standard economic models that assume full rationality of all agents. Thus, a key question is how the interactions …

that the results can be understood as a reminder of the importance of context to the constitution of “rationality ….” Reinterpreting the results in light of “ecological rationality” – which takes account of context – reveals that the problem may not … be with the respondents, but with the conception of rationality as necessarily context independent. “Facts” are …