The Limits of rationality (University of Chicago Press, 1990)
Includes bibliographical references and index
Introduction : the limits of rationality / Margaret Levi [and others] -- When rationality fails / Jon Elster. Comment : what might rationality fail to do? / Geoffrey Brennan -- Rational choice and the framing of decisions / Amos Tversky and Daniel Kahneman -- Choice under uncertainty : problems solved and unsolved / Mark J. Machina. Comment : should a rational agent maximize expected utility? / John Broome -- Rational choice in experimental markets / Charles R. Plott. Comment : individual decision making versus market-level predictions : the applicability of rational choice theory / Karen S. Cook and Jodi A. O'Brien -- De gustibus non est disputandum / George J. Stigler and Gary S. Becker. Comment : De gustibus non est explanandum / Robert E. Goodin
Cooperation and rationality : notes on the collective action problem and its solutions / Michael Taylor. Comment : on the inadequacy of game theory for the solution of real-world collective action problems / Michael Hechter -- Norm-generating structures / James S. Coleman. Comment : an alternative approach to the generation and maintenance of norms / Stephen J. Majeski -- Reason and rationality / Arthur L. Stinchcombe. Comment : Stinchcombe's "Reason and rationality" / Andrew Abbott -- Managerial dilemmas : political leadership in hierarchies / Gary J. Miller. Comment : applying rational choice theory : the role of leadership in team production / Robert H. Bates and William T. Bianco
The social evolution of cooperation / Russell Hardin. Comment : on Russell Hardin's "The social evolution of cooperation" / Carol A. Heimer -- Institutions and their consequences for economic performance / Douglass C. North -- A logic of institutional change / Margaret Levi
Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits