Using illustrations from research on inequality, this paper offers evidence the strengths of ‘behavioural synthesis’, i.e. reconciliation between neoclassical and behavioural economics. We compare how theoretical models absolute relative inequality have evolved assumptions income maximization to status-seeking competition, altruism. emphasize relevance experiments in testing competing theories ...

Among most economists, political scientists, and sociologists, it is taken for granted that the rational choice approach is a predictive methodology, and its strengths and weaknesses are judged in relation to that purpose. However, the rational choice model of action is found in a far wider range of disciplines across academia, and the purpose for which it is adopted varies greatly, with predic...

We consider the relationship between positive and normative political theory, emphasising both the role of normative ideas in motivating political behaviour and particularly the constraints on normative theory imposed by positive theory. Our point of departure is Christiano’s recent claim that the rational choice approach to positive and normative political theory is self-defeating. In arguing ...

The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms...

We develop a model to study the role of individual rationality in economics and biology. The model’s agents differ continuously in their ability to make rational choices. The agents’ objective is to ensure their individual survival over time or, equivalently, to maximize profits. In equilibrium, however, individually rational agents who maximize their objective survival probability are, individ...

As stated elsewhere in this issue, we cannot claim to explain an institution’s origin just by the functions it serves. In part this may be because of the cognitive limitations of those actors who are instrumental in institutional formation and institutional change. But even more clearly, it is the case that rational instrumental choice does not imply functional institutions. Just as rational ch...

Mate choice models derive from traditional microeconomic decision theory and assume that individuals maximize their Darwinian fitness by making economically rational decisions. Rational choices exhibit regularity, whereby the relative strength of preferences between options remains stable when additional options are presented. We tested female frogs with three simulated males who differed in re...

We are grateful to Richard Posner and Mark Kelman for their detailed comments on our article. Their objections come from opposite directions. Judge Posner complains that behavioral economics is not a "theory" and is indeed "antitheoretical"'; he invokes "evolutionary considerations"2 in the interest of providing a unitary account of both rational and "quasi rational" behavior, as well as bounde...

Mate choice models derive from traditional microeconomic decision theory and assume that individuals maximize their Darwinian fitness by making economically rational decisions. Rational choices exhibit regularity, whereby the relative strength of preferences between options remains stable when additional options are presented. We tested female frogs with three simulated males who differed in re...