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1 results

  • 2 - What Is Rationality?

  • Mario J. Rizzo, New York University, Glen Whitman, California State University, Northridge
  • Book:
    Escaping Paternalism
    Published online:
    02 December 2019
    Print publication:
    05 December 2019, pp 25-38

  • 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.