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Procedural rationality and happiness

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  • Castellani, Marco
  • Di Giovinazzo, Viviana
  • Novarese, Marco

Abstract

The economics of happiness already recognizes how procedures affect the evaluation of outcomes, although this has only been looked at within the standard framework of substantial rationality. This paper aims to go beyond that kind of approach by linking happiness and procedural rationality, focusing on 'happiness for choice' (the individual's perceived satisfaction after the decision-making process). Simon's model shows the need for defining aspirations whose values are adapted to the past experience in a given environment. Some remarks proposed by Scitovsky's allow to extend this idea considering the role of creative representation of the world as a way for trying to go beyond the past. These ideas are tested using data on aspirations and satisfaction expressed by students attending an economic course.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

Volume (Year): 39 (2010)
Issue (Month): 3 (June)
Pages: 376-383

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Handle: RePEc:eee:soceco:v:39:y:2010:i:3:p:376-383

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Web page: http://www.elsevier.com/locate/inca/620175

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Keywords: Procedural rationality Happiness Aspirations Expectations Satisfaction;

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References

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  1. Herbert Simon, 2000. "Bounded rationality in social science: Today and tomorrow," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 1(1), pages 25-39, March.
  2. Paul W. Grimes, 2002. "The Overconfident Principles of Economics Student: An Examination of a Metacognitive Skill," The Journal of Economic Education, Taylor & Francis Journals, vol. 33(1), pages 15-30, January.
  3. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October.
  4. Jack Vromen, 2006. "Routines, genes and program-based behavior," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 543-560, December.
  5. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, December.
  6. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
  7. Selten, Reinhard, 1996. "Aspiration Adaptation Theory," Discussion Paper Serie B 389, University of Bonn, Germany.
  8. Stephen J. Mezias & Ya-Ru Chen & Patrice R. Murphy, 2002. "Aspiration-Level Adaptation in an American Financial Services Organization: A Field Study," Management Science, INFORMS, vol. 48(10), pages 1285-1300, October.
  9. Herbert Simon & Lindsay McSweeney, 2010. "A Behavioral Model of Rational Choice," CPI Journal, Competition Policy International, vol. 6.
  10. Foss, Nicolai J., 2003. "Bounded rationality in the economics of organization: "Much cited and little used"," Journal of Economic Psychology, Elsevier, vol. 24(2), pages 245-264, April.
  11. Sendhil Mullainathan, 2002. "A Memory-Based Model Of Bounded Rationality," The Quarterly Journal of Economics, MIT Press, vol. 117(3), pages 735-774, August.
  12. A. W. Coats, 1996. "Introduction," History of Political Economy, Duke University Press, vol. 28(5), pages 3-11, Supplemen.
  13. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
  14. Lundberg, C. Gustav, 2000. "Made sense and remembered sense: Sensemaking through abduction," Journal of Economic Psychology, Elsevier, vol. 21(6), pages 691-709, December.
  15. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
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Cited by:
  1. Schilirò, Daniele, 2012. "Bounded rationality: psychology, economics and the financial crisis," MPRA Paper 40280, University Library of Munich, Germany.
  2. Daniele Schilirò, 2012. "Bounded Rationality And Perfect Rationality: Psychology Into Economics," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(2), pages 101-111, January.
  3. Mario GRAZIANO & Daniele SCHILIRO, 2011. "Rationality And Choices In Economics: Behavioral And Evolutionary Approaches," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(2), pages 183-196, December.
  4. Schilirò, Daniele, 2011. "Economics and psychology.Perfect rationality versus bounded rationality," MPRA Paper 34292, University Library of Munich, Germany.
  5. Novarese, Marco & Di Giovinazzo, Viviana, 2013. "Promptness and Academic Performance," MPRA Paper 49746, University Library of Munich, Germany.

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