Topic
Rationality
About: Rationality is a research topic. Over the lifetime, 20459 publications have been published within this topic receiving 617787 citations.
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TL;DR: A large number of textbooks recently published identifies the field of judgment and decision making as one of the areas of psychology in which research activity grew most rapidly during the past two decades.
Abstract: The large number of textbooks recently published identifies the field of judgment and decision making as one of the areas of psychology in which research activity grew most rapidly during the past two decades. The enthusiasm is easily explained: The topic has much to make it appealing to investigators. Its focus is a large puzzle that will not go away—a search for the bounds of human rationahty. It includes a deep normative theory that offers criteria for rational action. It is also rich in amusing anecdotes and challenging brain teasers. The study of judgment and choice occasionally sheds light on events in the real world, including the decisions of world leaders, the foibles of the market and the pitfalls of medical diagnosis. The doubts that psychologists have raised about the rationality of human agents are having a modest effect on neighboring disciplines, such as economics and political science, in which the assumption of human rationality is often used to predict the outcomes of competitive interaction. The detailed study of bounded rationality also has implications for the human engineering of information systems, decision aids and organizational procedures. The following observations sketch a personal view of this exciting field, its history, accomphshments and limitations, and possible future.
269 citations
TL;DR: The authors argue that the rationality assumption leads to unsatisfying policy prescriptions and provide a blueprint for research in the Law and Behavioural Science (LBS) paradigm, which draws on cognitive psychology, sociology, and other behavioral sciences.
Abstract: As law and economics turns forty years old, its continued vitality is threatened by its unrealistic core behavioral assumption: that people subject to the law act rationally. Professors Korobkin and Ulen argue that law and economics can reinvigorate itself by replacing the rationality assumption with a more nuanced understanding of human behavior that draws on cognitive psychology, sociology, and other behavioral sciences, thus creating a new scholarly paradigm called "law and behavioral science." This article provides an early blueprint for research in this paradigm. The authors first explain the various ways the rationality assumption is used in legal scholarship and why it leads to unsatisfying policy prescriptions. They then systematically examine the empirical evidence inconsistent with the rationality assumption and, drawing on a wide range of substantive areas of law, explain how normative policy conclusions of law and economics will change and improve under the law-and-behavioral-science approach.
268 citations
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TL;DR: In this article, a semantic theory of freedom is proposed, based on natural personality and moral personality, and the principle of respect for persons, as well as positive freedom as autarchy, self-realization, instinctual freedom and autonomy.
Abstract: Foreword Miriam Benn and Gerald F. Gaus Preface Acknowledgments 1. persons and values 2. Practical rationality and commitment 3. Reasons in conflict: quandaries and consistency 4. Values and objectivity 5. natural personality and moral personality 6. The principle of respect for persons 7. Freedom of action 8. Freedom as autarchy 9. Autonomy, and positive freedom 10. Autonomy, integration, and self-development 11. Self-realization, instinctual freedom, and autonomy 12. Autonomy, association, and community 13. Human rights and moral responsibility 15. Interests in privacy 16. Conclusion: a semantic theory of freedom Notes Index.
267 citations
TL;DR: In this article, a representation of decision-making in principle consistent with behavioural evidence is proposed, and the endogenous emergence of "innovations" in the forms of unexpected events and novel behaviours is also examined.
Abstract: Different sources of uncertainty are analysed and a representation of decision-making in principle consistent with behavioural evidence is proposed. The endogenous emergence of “innovations”, in the forms of unexpected events and novel behaviours is also examined.
265 citations
TL;DR: Results indicated TTB use to be more prevalent when the cost of information was high, when validities of the cues were known, and when a deterministic environment was used, but large individual variability in strategy use was observed as well as a significant proportion of behavior inconsistent with TTB.
Abstract: Aspects of an experimental environment were manipulated in 3 experiments to examine the parameters under which the "take-the-best" (TTB) heuristic (e.g., G. Gigerenzer & D. G. Goldstein, 1996) operates. Results indicated TTB use to be more prevalent when the cost of information was high, when validities of the cues were known, and when a deterministic environment was used. However, large individual variability in strategy use was observed as well as a significant proportion of behavior inconsistent with TTB, expecially its stopping rule. The results demarcate some of the heuristic's boundary conditions and also question the validity of TTB as a psychologically plausible and pervasive model of behavior.
264 citations