Year: 2024
Type: article
Abstract: Kahneman’s criticism of neoclassical rationality was central to his research programme. He argued that rationality understood as temporal consistency among preferences and beliefs is inapt as a descriptive and prescriptive standard of decision-making. Descriptively, consistency ignores high decision costs and biases, such as framing effects. Prescriptively, it is problematic since it neglects the processual nature of choice and the crucial role of regret. Instead, Kahneman argued in favour of using reasonableness as a standard, though he did not fully develop the concept in his work.
Source: Behavioural Public Policy
DOI: 10.1017/bpp.2024.37
Authors: Sanchayan Banerjee, Malte Dold
Institutions: Vrije Universiteit Amsterdam, Pomona College
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $3,450
OpenAlex ID: W4403075828