What Is Rationality?

Abstract

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.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 0 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.