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Beyond rationality: images as guide-lines to choice

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  • Patalano Roberta

Abstract

In this paper I will discuss a representation of the decision-making process that is based on images production, and exploitation, in order to propose theoretical refinement of the link between decisional behaviour and mental images in economic contexts. To do so, I will start by shortly presenting Beach and Mitchell' s model (1987). I will then extend it to economics, by comparing its implications with those deriving from two more traditional approaches, both the neoclassical one and those recently from Simon' s bounded rationality theory: The most significant consequences of an image-based model appear to be: i) wider cognitive foundations for the decision process; ii) the need to extend the concept of rationality by enlarging its relationship with that of imagination; iii) a new and fuller "image" of the economic agent.

Suggested Citation

  • Patalano Roberta, 2003. "Beyond rationality: images as guide-lines to choice," CESMEP Working Papers 200305, University of Turin.
  • Handle: RePEc:uto:cesmep:200305
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    File URL: http://www.cesmep.unito.it/WP/2003/5_WP_Cesmep.pdf
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    References listed on IDEAS

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    1. Arthur, W Brian, 1993. "On Designing Economic Agents That Behave Like Human Agents," Journal of Evolutionary Economics, Springer, vol. 3(1), pages 1-22, February.
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    3. Herbert Simon, 2000. "Bounded rationality in social science: Today and tomorrow," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 1(1), pages 25-39, March.
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    5. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    6. Patalano Roberta & Rizzello Salvatore, 2002. "Il concetto di image nel pensiero di Kenneth Boulding e le implicazioni per la teoria economica contemporanea," CESMEP Working Papers 200208, University of Turin.
    7. Dunegan, Kenneth J. & Duchon, Dennis & Ashmos, Donde, 1995. "Image Compatibility and the Use of Problem Space Information in Resource Allocation Decisions: Testing a Moderating Effects Model," Organizational Behavior and Human Decision Processes, Elsevier, vol. 64(1), pages 31-37, October.
    8. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-337, May.
    9. Paul A. David, 1997. "Path Dependence and the Quest for Historical Economics: One More chorus of Ballad of QWERTY," Oxford University Economic and Social History Series _020, Economics Group, Nuffield College, University of Oxford.
    10. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
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    12. Dunegan, Kenneth J., 1995. "Image Theory: Testing the Role of Image Compatibility in Progress Decisions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 62(1), pages 79-86, April.
    13. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
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    Cited by:

    1. Beckert, Jens, 2011. "Imagined futures. Fictionality in economic action," MPIfG Discussion Paper 11/8, Max Planck Institute for the Study of Societies.
    2. Roberta Patalano, 2007. "Images and economic behaviour," Discussion Papers 2_2007, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.

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