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A reason-based theory of rational choice

Author

Listed:
  • Franz Dietrich

    (CERSES - UMR 8137 - Centre de recherche sens, ethique, société - UPD5 - Université Paris Descartes - Paris 5 - CNRS - Centre National de la Recherche Scientifique, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Christian List

    (LSE - London School of Economics and Political Science)

Abstract

There is a surprising disconnect between formal rational choice theory and philosophical work on reasons. The one is silent on the role of reasons in rational choices, the other rarely engages with the formal models of decision problems used by social scientists. To bridge this gap, we propose a new, reason-based theory of rational choice. At its core is an account of preference formation, according to which an agent's preferences are determined by his or her motivating reasons, together with a ‘weighing relation' between different combinations of reasons. By explaining how someone's preferences may vary with changes in his or her motivating reasons, our theory illuminates the relationship between deliberation about reasons and rational choices. Although primarily positive, the theory can also help us think about how those preferences and choices ought to respond to normative reasons.

Suggested Citation

  • Franz Dietrich & Christian List, 2013. "A reason-based theory of rational choice," Post-Print halshs-00978002, HAL.
    • Handle: RePEc:hal:journl:halshs-00978002
    DOI: 10.1111/j.1468-0068.2011.00840.x
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    Citations

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    Cited by:

    1. Marek Hudik, 2020. "Equilibrium as compatibility of plans," Theory and Decision, Springer, vol. 89(3), pages 349-368, October.
    2. Franz Dietrich & Christian List, 2013. "Where do preferences come from?," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(3), pages 613-637, August.
    3. Dietrich, Franz & List, Christian, 2016. "Reason-Based Choice And Context-Dependence: An Explanatory Framework," Economics and Philosophy, Cambridge University Press, vol. 32(2), pages 175-229, July.
    4. Dietrich, Franz & List, Christian, 2016. "What matters and how it matters: A choice-theoretic representation of moral theories," MPRA Paper 71305, University Library of Munich, Germany.
    5. Franz Dietrich & Christian List, 2011. "A model of non-informational preference change," Journal of Theoretical Politics, , vol. 23(2), pages 145-164, April.
    6. Nestor Lovera Nieto, 2021. "The Role of Values of Economists and Economic Agents in Economics: A Necessary Distinction," Working Papers hal-02735869, HAL.
    7. Fumagalli, Roberto, 2021. "Rationality, preference satisfaction and anomalous intentions: why rational choice theory is not self-defeating," LSE Research Online Documents on Economics 112446, London School of Economics and Political Science, LSE Library.
    8. repec:hal:wpaper:halshs-01249632 is not listed on IDEAS
    9. Borie, Dino & Jullien, Dorian, 2020. "Description-dependent preferences," Journal of Economic Psychology, Elsevier, vol. 81(C).
    10. Olivier Cailloux & Yves Meinard, 2020. "A formal framework for deliberated judgment," Theory and Decision, Springer, vol. 88(2), pages 269-295, March.
    11. Boissonnet, Niels & Ghersengorin, Alexis & Gleyze, Simon, 2020. "Revealed Deliberate Preference Changes," MPRA Paper 101756, University Library of Munich, Germany.
    12. Dietrich, Franz & List, Christian, 2016. "Mentalism Versus Behaviourism In Economics: A Philosophy-Of-Science Perspective," Economics and Philosophy, Cambridge University Press, vol. 32(2), pages 249-281, July.
    13. Niels Boissonnet & Alexis Ghersengorin & Simon Gleyze, 2022. "Revealed Deliberate Preference Change," Working Papers hal-03672734, HAL.
    14. Marek Hudik, 0. "Equilibrium as compatibility of plans," Theory and Decision, Springer, vol. 0, pages 1-20.
    15. Dorian Jullien, 2016. "All Frames Created Equal are Not Identical: On the Structure of Kahneman and Tversky's Framing Effects," GREDEG Working Papers 2016-17, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    16. Guido Baldi, 2014. "Endogenous preference formation on macroeconomic issues: the role of individuality and social conformity," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 13(1), pages 49-58, June.
    17. Mihaela DIACONU & Amalia DUTU, 2020. "Crisis, Uncertainty, Risk And Consumer Behavior: A Psycho-Economic Approach," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 19(2), pages 3-8.
    18. Roberto Fumagalli, 2021. "Rationality, preference satisfaction and anomalous intentions: why rational choice theory is not self-defeating," Theory and Decision, Springer, vol. 91(3), pages 337-356, October.
    19. Cherepanov, Vadim & Feddersen, Timothy & ,, 2013. "Rationalization," Theoretical Economics, Econometric Society, vol. 8(3), September.
    20. Truls Pedersen & Sjur Dyrkolbotn & Thomas Ågotnes, 2015. "Reasoning about reasons behind preferences using modal logic," Information Systems Frontiers, Springer, vol. 17(4), pages 713-724, August.

    More about this item

    Keywords

    reasons; preferences; choice; motivation;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D0 - Microeconomics - - General
    • C0 - Mathematical and Quantitative Methods - - General
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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