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The deviations from rationality he and Tversky observed, made Kahneman reconsider the meaning of rational choice. Economics defines rationality as consistency with a set of axioms, but without any reference to the consequences of choices. Sen (1993) made a similar point. He argued that rationality of choice cannot be defined without reference to something external to an agent’s choices, like objectives, values, or norms.

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Utility in Behavioural Economics

  • 章节

  • 发表日期：

    2025年

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  • Han Bleichrodt

摘要

The deviations from rationality he and Tversky observed, made Kahneman reconsider the meaning of rational choice. Economics defines rationality as consistency with a set of axioms, but without any reference to the consequences of choices. Sen (1993) made a similar point. He argued that rationality of choice cannot be defined without reference to something external to an agent’s choices, like objectives, values, or norms.