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Beyond rationality: images as guide-lines to choice

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Author Info
Patalano Roberta

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Abstract

In this paper I will discuss a representation of the decision-making process that is based on images production, and exploitation, in order to propose theoretical refinement of the link between decisional behaviour and mental images in economic contexts. To do so, I will start by shortly presenting Beach and Mitchell' s model (1987). I will then extend it to economics, by comparing its implications with those deriving from two more traditional approaches, both the neoclassical one and those recently from Simon' s bounded rationality theory: The most significant consequences of an image-based model appear to be: i) wider cognitive foundations for the decision process; ii) the need to extend the concept of rationality by enlarging its relationship with that of imagination; iii) a new and fuller "image" of the economic agent.

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Paper provided by University of Turin in its series CESMEP Working Papers with number 200305.

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Length: 23 pages
Date of creation: May 2003
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Handle: RePEc:uto:cesmep:200305

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  1. Scott E. Page, 1996. "Two measures of difficulty (*)," Economic Theory, Springer, vol. 8(2), pages 321-346.
  2. Dunegan, Kenneth J., 1995. "Image Theory: Testing the Role of Image Compatibility in Progress Decisions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 62(1), pages 79-86, April. [Downloadable!] (restricted)
  3. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  4. Dunegan, Kenneth J. & Duchon, Dennis & Ashmos, Donde, 1995. "Image Compatibility and the Use of Problem Space Information in Resource Allocation Decisions: Testing a Moderating Effects Model," Organizational Behavior and Human Decision Processes, Elsevier, vol. 64(1), pages 31-37, October. [Downloadable!] (restricted)
  5. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October. [Downloadable!] (restricted)
  6. Page, Scott E, 1996. "Two Measures of Difficulty," Economic Theory, Springer, vol. 8(2), pages 321-46, August.
  7. Arthur, W Brian, 1993. "On Designing Economic Agents That Behave Like Human Agents," Journal of Evolutionary Economics, Springer, vol. 3(1), pages 1-22, February.
  8. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  9. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May. [Downloadable!] (restricted)
  10. Paul A. David, 1997. "Path Dependence and the Quest for Historical Economics: One More chorus of Ballad of QWERTY," Oxford University Economic and Social History Series _020, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
  11. Koen Frenken & Luigi Marengo & Marco Valente, 1999. "Interdependencies, nearly-decomposability and adaption," CEEL Working Papers 9903, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
  12. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Roberta Patalano, 2007. "Images and economic behaviour," Discussion Papers 2_2007, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy. [Downloadable!]
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