Rationality and utility from the standpoint of evolutionary biology

Article Abstract:

In the field of economics, a number of researchers are beginning to see individual perceptions of fairness not as a variable that distorts market rationality, but as an essential factor in determining collective rationality. Related developments in the field of evolutionary biology suggest that there is a higher rationality involved in restraining individual optimization of utilities in favor of collective cooperation. It may be individually rational to abide by such restraints if the benefits from cooperation are great enough and the social system presents a coherent world view.

Ethical aspects, Rational expectations (Economics), Sociobiology

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The Psychology and Economics Conference handbook: comments on Simon, on Einhorn and Hogarth, and on Tversky and Kahneman

Article Abstract:

A number of topics that are commonly brought up when discussing the work of economists and psychologists are discussed. Assertions that economists make in favor of rational choice theory are called into question. Experiments are cited in which financial incentives and experience did not lead to more rational behavior, and the behavior of the subjects was coherent and purposeful, yet completely different from the norms of rational choice theory.

Methods, Economic methods

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Similar abstracts:

• Abstracts: Rational choice and the framing of decisions. Fairness and the assumptions of economics. Comments on Arrow and on Lucas

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