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Status of Rationality Principle in Economics: Past and Present

Author

Listed:
  • Kapeliushnikov, R.

    (Institute of World Economy and International Relations. Russian Academy of Sciences, Moscow, Russia
    National Research University - Higher School of Economics, Moscow, Russia)

Abstract

The paper provides a short overview of different applications of rationality principle in economics. Author argues that although in the last decades the role of rationality principle was substantially undermined in both empirical and theoretical studies. It is likely to preserve its traditional status as a basic methodological guide for economic analysis.

Suggested Citation

  • Kapeliushnikov, R., 2017. "Status of Rationality Principle in Economics: Past and Present," Journal of the New Economic Association, New Economic Association, vol. 33(1), pages 162-166.
    • Handle: RePEc:nea:journl:y:2017:i:33:p:162-166
    as

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    File URL: http://www.econorus.org/repec/journl/2017-33-162-166r.pdf
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    References listed on IDEAS

    as
    1. Lucas, Robert E, Jr, 1986. "Adaptive Behavior and Economic Theory," The Journal of Business, University of Chicago Press, vol. 59(4), pages 401-426, October.
    2. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    3. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58(3), pages 211-211.
    4. Michel De Vroey, 1998. "Is the tatonnement hypothesis a good caricature of market forces?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 201-221.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Kapeliushnikov, Rostislav I. (Капелюшников, Ростислав), 2020. "Who Is Homo Oeconomicus? [Кто такой homo oeconomicus?]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 8-39, February.

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    More about this item

    Keywords

    behavioral economics; methodology; rational choice; rationality principle;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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