Two interpretations of the rational choice theory and the relevance of behavioral critique

IF 1.3 4区社会学 Q3 SOCIOLOGY

Rationality and Society Pub Date : 2019-08-13 DOI:10.1177/1043463119869007

Marek Hudík

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引用次数: 16

Abstract

I compare two interpretations of the rational choice theory: decision-theoretic and price-theoretic. The former takes the assumption of utility maximization as a literal description of a decision procedure. The latter considers it as a modeling device used to explain changes/variability of behavior on an aggregate level. According to the price-theoretic interpretation, these changes/variability are explained by constraints (“prices”) rather than differences in intrinsic characteristics between human populations (“tastes”). While the decision-theoretic interpretation of rationality represents a possible foundation of the price-theoretic interpretation of rationality, I argue that it is not its only possible foundation. I then show that critiques raised by behavioral economics apply to the decision-theoretic interpretation and much less so to the price-theoretic one. From the perspective of the price theory, behavioral and rational choice models are predominantly complementary. Price-theoretic interpretation helps to explain why the rational choice theory continues to play an important role in economics, even after the behavioral revolution. JEL codes: D01, D03, B41, A10

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理性选择理论的两种解释与行为批判的相关性

我比较了理性选择理论的两种解释:决策理论和价格理论。前者将效用最大化假设作为决策过程的文字描述。后者认为它是一种建模装置，用于在总体水平上解释行为的变化/可变性。根据价格理论的解释，这些变化/可变性是由约束(“价格”)而不是人类群体之间内在特征的差异(“口味”)来解释的。虽然理性的决策理论解释代表了理性的价格理论解释的可能基础，但我认为它不是唯一可能的基础。然后我表明，行为经济学提出的批评适用于决策理论的解释，而不适用于价格理论的解释。从价格理论的角度看，行为选择模型和理性选择模型是互补的。价格理论解释有助于解释为什么理性选择理论即使在行为革命之后仍然在经济学中发挥重要作用。JEL代码:D01, D03, B41, A10

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来源期刊

Rationality and Society SOCIOLOGY-

CiteScore

1.50

自引率

0.00%

发文量

期刊介绍： Rationality & Society focuses on the growing contributions of rational-action based theory, and the questions and controversies surrounding this growth. Why Choose Rationality and Society? The trend toward ever-greater specialization in many areas of intellectual life has lead to fragmentation that deprives scholars of the ability to communicate even in closely adjoining fields. The emergence of the rational action paradigm as the inter-lingua of the social sciences is a remarkable exception to this trend. It is the one paradigm that offers the promise of bringing greater theoretical unity across disciplines such as economics, sociology, political science, cognitive psychology, moral philosophy and law.