BEYOND RATIONALITY: IMAGES AS GUIDE-LINES TO CHOICE

Abstract

Abstract: in this paper I will discuss a representation of the decision-making process that is based on images production, exploration and exploitation, in order to propose theoretical refinement of the link between decisional behaviour and mental images in economic contexts. To do so, I will start by shortly presenting Beach and Mitchell’s model (1987). I will then extend it to economics, by comparing its implications with those deriving from two more traditional approaches, both the neoclassical one and those recently derived from Simon’s bounded rationality theory. The most significant consequences of an image-based model appear to be: i) wider cognitive foundations for the decision process; ii) the need to extend the concept of rationality by enlarging its relationship with that of imagination; iii) a new and fuller “image ” of the economic agent.

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