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If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …
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Public choice theory has originally been motivated by the need to correct the asymmetry, widespread in traditional welfare economics, between the motivational assumptions of market participants and policymakers: Those who played the game of politics should also be considered rational and...
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Explaining individual behavior in politics should rely on the same motivational assumptions as explaining behavior in the market: That’s what Political Economy, understood as the application of economics to the study of political processes, is all about. In its standard variant, those who...
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thus to display inertial behavior): A cognitive bias referred to as cognitive inertia and a bound on rationality which we …
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We discuss the relevance of the concept of rational behavior in economic theory and suggest, on the basis of modern brain research results, to abstain from this notion and instead to apply behavioral rules of thumb in decision-making, especially if these rules can be derived from rational...
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