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CHOICE, INTERNAL CONSISTENCY AND RATIONALITY

Published online by Cambridge University Press:  22 June 2011

Aditi Bhattacharyya ,
Prasanta K. Pattanaik  and
Yongsheng Xu
Aditi Bhattacharyya
Affiliation:
Sam Houston State University
Prasanta K. Pattanaik
Affiliation:
University of California, Riverside
Yongsheng Xu
Affiliation:
Georgia State University
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Abstract

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.

Type
Articles
Information
Economics & Philosophy , Volume 27 , Issue 2 , July 2011 , pp. 123 - 149
Copyright
Copyright © Cambridge University Press 2011

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