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Journal of Economic Literature: Vol. 44 No. 3 (September 2006)
JEL Volume. 44, Issue 3 | 
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JEL Indexes (Members Only)Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice
Article Citation
Rieskamp, Jörg,
Jerome R. Busemeyer, and
Barbara A. Mellers. 2006. "Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice."
Journal of Economic Literature,
44(3): 631-661.
DOI: 10.1257/jel.44.3.631
DOI: 10.1257/jel.44.3.631
Abstract
Most economists define rationality in terms of consistency principles. These principles
place ?bounds? on rationality?bounds that range from perfect consistency to weak
stochastic transitivity. Several decades of research on preferential choice has demonstrated
how and when people violate these bounds. Many of these violations are interconnected
and reflect systematic behavioral principles. We discuss the robustness of
the violations and review the theories that are able to predict them. We further discuss
the adaptive functions of the violations. From this perspective, choices do more than
reveal preferences; they also reflect subtle, yet often quite reasonable, dependencies on
the environment.
Article Full-Text Access
Full-text Article
Authors
Rieskamp, Jörg
Busemeyer, Jerome R.
Mellers, Barbara A.
Busemeyer, Jerome R.
Mellers, Barbara A.
