A reason-based theory of rational choice
AbstractThere is a surprising disconnect between formal rational choice theory and philosophical work on reasons. The one is silent on the role of reasons in rational choices, the other rarely engages with the formal models of decision problems used by social scientists. To bridge this gap, we propose a new, reason-based theory of rational choice. At its core is an account of preference formation, according to which an agent's preferences are determined by his or her motivating reasons, together with a weighing relation between diÂ¤erent combinations of reasons. By explaining how someone's preferences may vary with changes in his or her motivating reasons, our theory illuminates the relationship between deliberation about reasons and rational choices. Although primarily positive, the theory can also help us think about how those preferences and choices ought to respond to normative reasons.
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Bibliographic InfoPaper provided by David K. Levine in its series Levine's Working Paper Archive with number 661465000000000046.
Date of creation: 25 Apr 2010
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Other versions of this item:
- Dietrich, Franz & List, Christian, 2009. "A reason-based theory of rational choice," MPRA Paper 36112, University Library of Munich, Germany, revised 2011.
- Dietrich Franz & List Christian, 2009. "A reason-based theory of rational choice," Research Memorandum 057, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- D0 - Microeconomics - - General
- C0 - Mathematical and Quantitative Methods - - General
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-HPE-2010-05-02 (History & Philosophy of Economics)
- NEP-UPT-2010-05-02 (Utility Models & Prospect Theory)
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- Pelosse, Yohan, 2011. "Ontological foundation of Nash Equilibrium," MPRA Paper 39934, University Library of Munich, Germany.
- Sandroni, Alvaro & Cherepavov, Vadim & Feddersen, Timothy, 2013. "Rationalization," Theoretical Economics, Econometric Society, vol. 8(3), September.
- Dietrich, Franz & List, Christian, 2012. "Mentalism versus behaviourism in economics: a philosophy-of-science perspective," MPRA Paper 37813, University Library of Munich, Germany.
- Dietrich, Franz & List, Christian, 2012. "Reasons for (prior) belief in bayesian epistemology," MPRA Paper 36111, University Library of Munich, Germany.
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