Rationality, Behavioural Economics and Amartya Sen. Issue 2 (3rd April 2019)
- Record Type:
- Journal Article
- Title:
- Rationality, Behavioural Economics and Amartya Sen. Issue 2 (3rd April 2019)
- Main Title:
- Rationality, Behavioural Economics and Amartya Sen
- Authors:
- Osmani, S. R.
- Abstract:
- Abstract: Recent developments in behavioural economics have posed a serious challenge to the assumption of rational choice underlying economic models. In particular, a number of so-called 'anomalies' in actual behaviour have been identified that are claimed to conflict with the implications of rational behaviour. This paper critically examines a number of such anomalies and tries to assess how far they actually challenge the precepts of rational choice. This assessment is made in the light of Amartya Sen's critique and refinement of rational choice theory. Using the lens of Sen's analysis, the paper finds that (a) many of the anomalies do not pose any challenge at all to even the narrowest version of the rational choice model, (b) some do challenge the narrow versions but not the broader ones, and (c) a few genuinely call for extending rational choice foundations of economic theory more radically – especially, in ways that Sen has been advocating for a long time.
- Is Part Of:
- Journal of human development and capabilities. Volume 20:Issue 2(2019)
- Journal:
- Journal of human development and capabilities
- Issue:
- Volume 20:Issue 2(2019)
- Issue Display:
- Volume 20, Issue 2 (2019)
- Year:
- 2019
- Volume:
- 20
- Issue:
- 2
- Issue Sort Value:
- 2019-0020-0002-0000
- Page Start:
- 162
- Page End:
- 180
- Publication Date:
- 2019-04-03
- Subjects:
- Behavioural economics -- Anomalies -- Rational choice
Economic development -- Periodicals
Social change -- Periodicals
Human rights -- Periodicals
Welfare economics -- Periodicals
303.44 - Journal URLs:
- http://www.tandfonline.com/toc/cjhd20/current ↗
http://www.tandf.co.uk/journals/titles/19452829.asp ↗
http://www.tandfonline.com/ ↗ - DOI:
- 10.1080/19452829.2019.1565631 ↗
- Languages:
- English
- ISSNs:
- 1945-2829
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - 5003.413800
British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 12421.xml