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Decisioni e razionalità in economia
[Decisions and rationality in economics]

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  • Schilirò, Daniele

Abstract

The essay analyzes the decision process in economics and its relationship with the concept of rationality starting from the theory of rational choice, that is, a systemic approach based on the formal axiomatic method applied mainly in the microeconomic field, which has become the heart of neoclassical economics. The work also focuses on the important contribution of the cognitive economics to the concept of rationality and, consequently, of criticism that this theoretical approach moves to the standard economic theory in the definition of choices, indicating a systematic discrepancy between theory and empirical evidence. Moreover, the analysis puts forward the topic of rational expectations, as the rationality of expectations concerns the preferences, and also because the hypothesis of rational expectations has characterized the development of modern macroeconomics and influenced the issue of the efficient use of information by the economic agents. This work wants to highlight, using a very little formal language, the complexity of the choice process and the unsolved relationship between economic and psychological dimensions of such a process, but at the same time it wants to argue that the economic theory as a whole is far away today from an abstract conception perfectly rational and fully informed individuals which choose without making mistakes.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29477.

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Date of creation: 08 Mar 2011
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Handle: RePEc:pra:mprapa:29477

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Keywords: decisione; razionalità; incertezza; aspettative;

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References

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  1. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  2. 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.
  3. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  4. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
  5. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October.
  6. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 111.
  7. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
  8. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  9. Richard M. Cyert & Herbert A. Simon & Donald B. Trow, 1956. "Observation of a Business Decision," The Journal of Business, University of Chicago Press, vol. 29, pages 237.
  10. repec:cup:cbooks:9780521584500 is not listed on IDEAS
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Cited by:
  1. Daniele SCHILIRÒ, 2013. "Bounded Rationality: Psychology, Economics And The Financial Crises," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(1), pages 97-108, July.
  2. Graziano, Mario & Schilirò, Daniele, 2012. "Rationality and choices in economics: behavioral and evolutionary approaches," MPRA Paper 35971, University Library of Munich, Germany.

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