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Rationality and bounded rationality: you can’t have one without the other

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  • Esther-Mirjam Sent

Abstract

This article compares and contrasts the various perspectives on rationality and bounded rationality, and in doing so, advances two claims. The central one is that the definition of rationality depends on bounded rationality. This is reminiscent of debates in philosophy concerning the definition of concepts in terms of their opposites, which has led to efforts to destabilise dichotomies. In addition, as argued in this article, there is a related connection between the (bounded) rationality of economists and the agents they study.

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  • Esther-Mirjam Sent, 2018. "Rationality and bounded rationality: you can’t have one without the other," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(6), pages 1370-1386, November.
    • Handle: RePEc:taf:eujhet:v:25:y:2018:i:6:p:1370-1386
    DOI: 10.1080/09672567.2018.1523206
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    Cited by:

    1. Ke Liu & Matthew Tom Harrison & Haoliang Yan & De Li Liu & Holger Meinke & Gerrit Hoogenboom & Bin Wang & Bin Peng & Kaiyu Guan & Jonas Jaegermeyr & Enli Wang & Feng Zhang & Xiaogang Yin & Sotirios Ar, 2023. "Silver lining to a climate crisis in multiple prospects for alleviating crop waterlogging under future climates," Nature Communications, Nature, vol. 14(1), pages 1-13, December.
    2. Theodoros V. Stamatopoulos, 2022. "Cash Holdings in the Global Hotel Industry: Do Managers Act With Bounded Rationality When They Cannot Find Optimal Solutions?," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 16(4), December.
    3. Sigurd Hilmo Lundheim & Giuseppe Pellegrini-Masini & Christian A. Klöckner & Stefan Geiss, 2022. "Developing a Theoretical Framework to Explain the Social Acceptability of Wind Energy," Energies, MDPI, vol. 15(14), pages 1-24, July.
    4. Hung Tran & Tien Mai, 2023. "Network-based Representations and Dynamic Discrete Choice Models for Multiple Discrete Choice Analysis," Papers 2306.04606, arXiv.org.

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