choice theory as the reference point for judging the quality of real-world decisions. It argues that choice is an activity …

choice theory as the reference point for judging the quality of real-world decisions. It argues that choice is an activity …

another sense, it is concerned with bounded rationality as a means of the policy, and in still another sense, it is concerned … with bounded rationality as an obstacle to be removed by the policy, when the latter has a benevolent aim. The paper … behavioural economics, compared with that of classical rational choice theory, to account for successful interventions. After …

only infer what they like from observing what they do. We must be content with revealed preference. The theory of choice is … orderly and consistent is of little practical help. In its elegance, modern choice theory, as represented in neoclassical …

opportunities translates into a weakening of the McFadden-Richter axiom of stochastic rationality, and gives an upper bound for the …