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Repere ale raţionalităţii limitate în ştiinţa economică
[Highlights of bounded rationality in economics]

Author

Listed:
  • Constantinescu, Radu

Abstract

As stated also in the title of the paper, the analysis proposed is contrary to normative microeconomics. Therefore, we do not intend to analyze the individuals, with the intent to show if they behave correctly or wrongly, economically speaking.Our intention is to follow the logic of the individuals that act in the economic markets, led by their own rationality and the way they manage to became aware of their needs.The purpose of the paper is to determine the necessary degree of rationality so as the expectations of the individuals match the results of their actions in order to fulfill hierarhically their needs. In this matter, we will explain why Sen and Kekes are mistaken when they tie some of needs to products.We will analyze the needs, same as the institutions that pass the test of time and belong firstly to the modern individual. The thing that modifies and can be linked to products is the level of satisfaction and the standard to which these needs are satisfied.

Suggested Citation

  • Constantinescu, Radu, 2012. "Repere ale raţionalităţii limitate în ştiinţa economică [Highlights of bounded rationality in economics]," MPRA Paper 44297, University Library of Munich, Germany, revised 08 Feb 2013.
    • Handle: RePEc:pra:mprapa:44297
    as

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    File URL: https://mpra.ub.uni-muenchen.de/44297/1/MPRA_paper_44297.pdf
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    References listed on IDEAS

    as
    1. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    2. Constantinescu, Radu, 2011. "Raţionalitatea în economie: de la homo oeconomicus la homo irationalis [Rationality in Economics: from Homo Oeconomicus to „Homo Irationalis”]," MPRA Paper 33379, University Library of Munich, Germany.
    3. Carsten Herrmann-Pillath, 2009. "Elements of a Neo-Veblenian Theory of the Individual," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(1), pages 189-214.
    4. Chiriac Cãtãlin & Vodã Ana-Iolanda & Constantinescu Radu, 2012. "The Limitations of Standard Economical Theory from the Perspective of Development, Sustainability and Rationality in Resource Allocation," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 442-447, May.
    5. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
    6. Nozick Robert, 1995. "THE NATURE OF RATIONALITY: Compte rendu par Philippe Maître," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 6(1), pages 189-200, March.
    7. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

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    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • B0 - Schools of Economic Thought and Methodology - - General
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • A10 - General Economics and Teaching - - General Economics - - - General

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