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 di¤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 University Library of Munich, Germany in its series MPRA Paper with number 36112.
Date of creation: 2009
Date of revision: 2011
rational choice theory; reasons; motivation; expected utility theory; methodology; preference formation; dynamic inconsistency;
Other versions of this item:
- 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).
- Franz Dietrich & Christian List, 2010. "A reason-based theory of rational choice," Levine's Working Paper Archive 661465000000000046, David K. Levine.
- 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
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