• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Rationalizability, binariness and self-interest
      • Self-interest and consistency
      • Maximizing, satisficing and bounded rationality
      • Natural selection and motives
      • Reason and rationality
      • Uncertainty and expected utility
      • Independence and consistency
      • Concluding remarks
    • See Also
    • Bibliography
    • How to cite this article

rational behaviour

Amartya Sen
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
Alternate versions available: 1987 Edition
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Abstract

A clear distinction must be drawn between (a) the type of behaviour that might be described as rational, and (b) rational behaviour models that might be useful in making predictions about actual behaviour. Neither of the two standard views of rational behaviour – as ‘consistent choice’ or as ‘self-interest maximization’ – has emerged as an adequate representation of rationality or of actuality. The difficulties that these views encounter carry over to rational behaviour models accommodating uncertainty.
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Keywords

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Article

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How to cite this article

Sen, Amartya. "rational behaviour." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 24 November 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_R000022> doi:10.1057/9780230226203.1385

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