Does Optimization Imply Rationality?
The relation between rationality and optimization have been widely discussed in the wake of Herbert Simon's work, with the common conclusion that the rationality concept does not imply the optimization principle. The paper is partly concerned with adding evidence for this view but its main, more challenging objective is to question the converse implication form optimization to rationality, which is accepted even by bounded rationality theorists.
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|Date of creation:||1998|
|Date of revision:|
|Contact details of provider:|| Postal: THEMA, Universite de Paris X-Nanterre, U.F.R. de science economiques, gestion, mathematiques et informatique, 200, avenue de la Republique 92001 Nanterre CEDEX.|
References listed on IDEAS
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- Philippe Mongin, 1984. "Modèle rationnel ou modèle économique de la rationalité ?," Revue Économique, Programme National Persée, vol. 35(1), pages 9-64.
- Conlisk, John, 1988. "Optimization cost," Journal of Economic Behavior & Organization, Elsevier, vol. 9(3), pages 213-228, April.
- Sen, Amartya K, 1973. "Behaviour and the Concept of Preference," Economica, London School of Economics and Political Science, vol. 40(159), pages 241-59, August.
- LISMONT, Luc & MONGIN, Philippe, 1994.
"On the Logic of Common Belief and Common Knowledge,"
CORE Discussion Papers
1994005, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Lismont, L. & Mongin, P., . "On the logic of common belief and common knowledge," CORE Discussion Papers RP 1104, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Frédéric Laville, 1998. "Modélisations de la rationalité limitée : de quels outils dispose-t-on ?," Revue Économique, Programme National Persée, vol. 49(2), pages 335-365.
- Bernheim, B Douglas, 1984.
"Rationalizable Strategic Behavior,"
Econometric Society, vol. 52(4), pages 1007-28, July.
- Campbell, Donald E, 1978. "Realization of Choice Functions," Econometrica, Econometric Society, vol. 46(1), pages 171-80, January.
- Lipman, Barton L, 1991. "How to Decide How to Decide How to. . . : Modeling Limited Rationality," Econometrica, Econometric Society, vol. 59(4), pages 1105-25, July.
- Fishburn, Peter C, 1991. "Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-34, April.
- Plott, Charles R, 1973. "Path Independence, Rationality, and Social Choice," Econometrica, Econometric Society, vol. 41(6), pages 1075-91, November.
- Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 307-317.
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