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The road to rationalisation: A history of “Where the Empirical Lives” (or has lived) in consumer choice theory

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  • D. Wade Hands

Abstract

This paper examines the different ways that economists have characterised the empirical content of modern consumer choice theory. There has been general agreement among economists that each stage in the development of the theory has been associated with an improvement in the theory's empirical content, and yet there has been no agreement about what exactly the empirical content of consumer choice theory is at any stage in the process. I call this the problem of observational ambiguity. The paper historically documents this problem, links it to various theoretical developments, and relates it to debates in contemporary economic theory.

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  • D. Wade Hands, 2017. "The road to rationalisation: A history of “Where the Empirical Lives” (or has lived) in consumer choice theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(3), pages 555-588, May.
    • Handle: RePEc:taf:eujhet:v:24:y:2017:i:3:p:555-588
    DOI: 10.1080/09672567.2016.1260148
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    References listed on IDEAS

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    1. Nicola Giocoli, 2003. "Modeling Rational Agents," Books, Edward Elgar Publishing, number 2585.
    2. Pareto, Vilfredo, 2014. "Manual of Political Economy: A Critical and Variorum Edition," OUP Catalogue, Oxford University Press, number 9780199607952 edited by Montesano, Aldo & Zanni, Alberto & Bruni, Luigino & Chipman, John S. & McLure, Michael.
    3. Mandler, Michael, 2001. "Dilemmas in Economic Theory: Persisting Foundational Problems of Microeconomics," OUP Catalogue, Oxford University Press, number 9780195145755, Decembrie.
    4. Maas,Harro, 2005. "William Stanley Jevons and the Making of Modern Economics," Cambridge Books, Cambridge University Press, number 9780521827126.
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