The concept of rationality is the heart of modern economics. Neo-classical theory seems unable to proceed without assuming a rational agent seeking to find the

Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor,

This book is the result of a research project begun by the author in 1958 with the aim of answering two questions: First, what is the rationality of the economi

Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology h

The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by