Normative Rational Choice Theory: Past, Present, and Future
SSRN Electronic Journal
2015
- 8Citations
- 8,190Usage
- 21Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
The economics profession has traditionally viewed rational choice theory as a positive scientific theory. Normative economics was associated exclusively with ethics and should be kept strictly separate from positive scientific economics. This paper argues that the profession is changing in this regard. Increasingly rational choice theory is viewed as a normative theory of rationality: what economic agents ought to do in order to be rational. It is argued that the change initiated from within a community of critics – experimental psychologists – but it has now become widely accepted within many areas of economics. The paper explains this change and examines some of the possible causes and consequences of this development.
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