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Rationality, Learning and Complexity

In: Psychology, Rationality and Economic Behaviour

Author

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  • Alessandro Vercelli

    (University of Siena)

Abstract

Although standard economic theory is based on methodological individualism, this does not imply that individuals play a crucial role in economic models. On the contrary, in such a theory individuals are deprived of authentic subjective features and play no significant role as genuine subjects. The so-called homo economicus is characterized by given preferences that are conceived as exogenous and invariant over time. Therefore, the genuine psychological features of an economic agent do not matter.

Suggested Citation

  • Alessandro Vercelli, 2005. "Rationality, Learning and Complexity," International Economic Association Series, in: Bina Agarwal & Alessandro Vercelli (ed.), Psychology, Rationality and Economic Behaviour, chapter 3, pages 58-83, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-52234-3_3
    DOI: 10.1057/9780230522343_3
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    Cited by:

    1. Alessandro Vercelli, 2011. "A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis," Review of Political Economy, Taylor & Francis Journals, vol. 23(1), pages 49-67.

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