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The Bounds of Rationality: Philosophical, Psychological and Economic Aspects of Choice Making


  • Hermann Brandstõtter

    (Jahannes-Kepler-Universitõt Linz, Abteilung f³r Sozial- und Wirtschaftspsychologie, Linz-Auhof)

  • Werner G³th

    (Max Planck Institute for Research, into Economic Systems, Strategic Interaction Group, Jena, Germany)

  • Hartmut Kliemt

    (Universitõt Duisburg-Esse, Standort Duisburg, Fach Philosophie, Duisburg, Germany)


This paper brings together views on choice making as have been developed in philosophy, psychology, and economics. Starting from specific examples the relative merits of different approaches are discussed. The conclusion that models of boundedly rational behavior are the future of social science research is strongly endorsed. But we also admit that it is not completely clear what this implies and take the liberty to speculate on where future research might go.

Suggested Citation

  • Hermann Brandstõtter & Werner G³th & Hartmut Kliemt, 2003. "The Bounds of Rationality: Philosophical, Psychological and Economic Aspects of Choice Making," Homo Oeconomicus, Institute of SocioEconomics, vol. 20, pages 303-356.
  • Handle: RePEc:hom:homoec:v:20:y:2003:p:303-356

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    Cited by:

    1. Werner Güth, 2005. "On Inequity Aversion," Papers on Strategic Interaction 2005-24, Max Planck Institute of Economics, Strategic Interaction Group.

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