Rationality, Behavioural Economics and Amartya Sen
Bibliographic Data
| ID | 2183907 |
|---|---|
| Authors | R Osmani |
| Year | 2019 |
| Volume | 20 |
| Issue | 2 |
| Pages | 162-180 |
| Publication date | 2019-04-03 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Human Development (JOURNAL) |
| Journal identifiers | ISSN: 1464-9888 • E-ISSN: 1469-9516 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/19452829.2019.1565631 |
| OpenAlex | W2943270987 |
| Language | EN |
| Citations received | 2 |
| References cited | 31 |
Recent developments in behavioural economics have posed a serious challenge to the assumption of rational choice underlying economic models. In particular, a number of so-called ‘anomalies’ in actual behaviour have been identified that are claimed to conflict with the implications of rational behaviour. This paper critically examines a number of such anomalies and tries to assess how far they actually challenge the precepts of rational choice. This assessment is made in the light of Amartya Sen’s critique and refinement of rational choice theory. Using the lens of Sen’s analysis, the paper finds that (a) many of the anomalies do not pose any challenge at all to even the narrowest version of the rational choice model, (b) some do challenge the narrow versions but not the broader ones, and (c) a few genuinely call for extending rational choice foundations of economic theory more radically - especially, in ways that Sen has been advocating for a long time
Behavioural economics · Criminology · Ecological rationality · Economics · Epistemology · Macroeconomics · Management · Neoclassical economics · Positive economics · Rational choice theory (criminology · Rational expectations · Rational planning model · Rationality · Sociology · Decision-Making and Behavioral Economics · Economic theories and models · Economic Theory and Institutions · Philosophy
Hard Choices
Reason-based choice
A perspective on psychology and economics
Choice in Context
Internal Consistency of Choice
Psychology and Economics
Golden Eggs and Hyperbolic Discounting
Maximization and the Act of Choice
Loss Aversion in Riskless Choice
Prospect Theory
Toward a positive theory of consumer choice
Libertarian Paternalism
Incorporating Fairness into Game Theory and Economics
The Economic Approach to Human Behavior
Experimental Tests of the Endowment Effect and the Coase Theorem
An Economic Theory of Self-Control
Behaviour and the Concept of Preference
A Behavioral Model of Rational Choice
Availability
Why Exactly Is Commitment Important for Rationality
Libertarian Paternalism Is Not an Oxymoron
A Behavioral Approach to Law and Economics
Anomalies
| Citations per year | 0.67 |
|---|---|
| Citation span | 2023 - 2024 (2) |
| Highly cited | No |