Choice, Internal Consistency and Ratinality
Econpmics and Philosophy (2011), 27: 123 - 149
32 Pages Posted: 14 Jul 2014
Date Written: 2009
The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms of classical rational choice theory, and examines the broad impact of these criticisms from both normative and positive points of view.
Keywords: choice, internal consistency, rationality, distinguishability, menu-dependent criteria and information
JEL Classification: D0, D1
Suggested Citation: Suggested Citation