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|
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"On the Logic of Common Belief and Common Knowledge,"
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1994005, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- D. B. Bernheim, 2010.
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Levine's Working Paper Archive
661465000000000381, David K. Levine.
- 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.
- Campbell, Donald E, 1978. "Realization of Choice Functions," Econometrica, Econometric Society, vol. 46(1), pages 171-80, January.
- 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.
- Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 307-317.
- Philippe Mongin, 1984. "Modèle rationnel ou modèle économique de la rationalité ?," Revue Économique, Programme National Persée, vol. 35(1), pages 9-64.
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