In this paper, I review the literature on rational choice theory to scrutinize a number of criticisms that philosophers have voiced against its usefulness in economics. The paper has three goals: first, I argue that the debates about RCT have been characterized by disunity and confusion about the object under scrutiny, which calls into question the effectiveness of those criticisms. Second, I argue that RCT is not a single and unified choice theory—let alone an empirical theory of human behavior—as some (...) critics seem to suppose. Rather, there are several variants of RCT used in economics. Third, I propose that we think of RCT as a set of distinct research strategies to appreciate its diversity. This account implies that the effectiveness of any criticism depends on the variant of RCT we are considering. (shrink)

This paper reviews the largely psychological literature surrounding apparent failures of human rationality (sometimes referred to as 'the Rationality Wars') and locates it with respect to concepts and issues within more traditional epistemological inquiry. The goal is to bridge the gap between these two large and typically disconnected literatures – concerning rationality and the psychology of human reasoning, on the one hand, and epistemological theories of justified or rational belief, on the other – and to do so in such as (...) way as to expose interesting points of contact and convergence between them. (shrink)

In the recent philosophy of explanation, a growing attention to and discussion of non-causal explanations has emerged, as there seem to be compelling examples of non-causal explanations in the sciences, in pure mathematics, and in metaphysics. I defend the claim that the counterfactual theory of explanation (CTE) captures the explanatory character of both non-causal scientific and metaphysical explanations. According to the CTE, scientific and metaphysical explanations are explanatory by virtue of revealing counterfactual dependencies between the explanandum and the explanans. I (...) support this claim by illustrating that CTE is applicable to Euler’s explanation (an example of a non-causal scientific explanation) and Loewer’s explanation (an example of a non-causal metaphysical explanation). (shrink)

David Christensen and others argue that Dutch Strategies are more like peer disagreements than Dutch Books, and should not count against agents‘ conformity to ideal rationality. I review these arguments, then show that Dutch Books, Dutch Strategies, and peer disagreements are only possible in the case of what computer scientists call Byzantine Failures—uncorrected Byzantine Faults which update arbitrary values. Yet such Byzantine Failures make agents equally vulnerable to all three kinds of epistemic inconsistencies, so there is no principled basis for (...) claiming that only avoidance of true Dutch Books characterizes ideally rational agents. Agents without Byzantine Failures can be ideally rational in a very strong sense, but are not normative for humans. (shrink)

The modelling of bounded rationality is currently pursued by approaches that exhibit a wide diversity of methodologies. This special issue collects five contributions that discuss different methodological aspects of these approaches. In our introduction, we map the variety of methodological positions with respect to three questions. First, what kinds of evidence do the respective approaches consider relevant for modelling bounded rationality? Second, what kind of modelling desiderata do the respective approaches focus on? And third, how do the respective approaches justify (...) the normative validity of bounded rationality? To broaden the picture, we not only discusss the five contributions of this issue, but also include relevant positions from the extant literature. (shrink)

Theories of rational choice are arguably the most prominent approaches to human behaviour in the social and behavioral sciences. At the same time, they have faced persistent criticism. In this paper, I revisit some of the core criticisms that have for a long time been levelled against them and discuss to what extent those criticisms are still effective, not only in light of recent advancements in the literature but also of the fact that there are different variants of rational choice (...) theories that have not been considered explicitly when criticizing them. (shrink)

In the recent philosophy of explanation, a growing attention to and discussion of non-causal explanations has emerged, as there seem to be compelling examples of non-causal explanations in the sciences, in pure mathematics, and in metaphysics. I defend the claim that the counterfactual theory of explanation captures the explanatory character of both non-causal scientific and metaphysical explanations. According to the CTE, scientific and metaphysical explanations are explanatory by virtue of revealing counterfactual dependencies between the explanandum and the explanans. I support (...) this claim by illustrating that CTE is applicable to Euler’s explanation and Loewer’s explanation. (shrink)

When humans reason, they are able to revise their beliefs in light of new information and abandon obsolete conclusions. Logicians argued, that in some cases, such reasonings appear to be non-monotonic. Thus, many different, seemingly non-monotonic systems were created to formally model such cases. The purpose of this article is to re-examine the definition of non-monotonicity and its implementation in non-monotonic logics and in examples of everyday human reasoning. We will argue that many non-monotonic logics employ some weakened versions of (...) the definitions of non-monotonicity, since in-between different steps of reasoning they either: a) allow previously accepted premises to be removed, or b) change the rules of inference. Of the two strategies, the second one seems downright absurd, since changing the rules of a given logic is a mere replacement of that logic with the rules of another. As a consequence we obtain two logics, whereas the definition of a non-monotonic logic is supposed to define one. The definition of non-monotonicity does not permit either of these cases, which means that such logics are monotonic. (shrink)

I defend convergentist realism from counterarguments that appeal to apparently deep and widespread moral disagreement. Pace recent claims by antirealists, I first argue that scenarios such as the prominent “Magistrate and the Mob” case betray cognitive defects in subjects, such as partiality, that we would not find in ideal agents. After this, I defend three reasons to expect cross-cultural disagreement on moral cases even if convergentist realism is true. These defusing explanations concern individual and group moral development and the moral (...) models on which agents rely. While developing my defense of moral realism, I aim for comprehensive engagement with responses to arguments by Doris, Plakias, and others that have been dispersed across several related articles. (shrink)

Mark Kelman’s recent book, The Heuristics Debate (HD), has two main goals. First, it seeks to reconstruct the controversy in decision science between Kahneman et al.’s heuristics-and-biases approach and Gigerenzer et al.’s fast-and-frugal heuristics approach. Second, it tries to discuss its implications for jurisprudence and policy-making. This study focuses on the first task only. The study attempts to show that, although HD has several important merits, its interpretation of the controversy misses some crucial aspects. Specifically, HD fails to appreciate that (...) the debate is fundamentally about what a “rational” judgment is in the first place. Moreover, because of this, HD also fails to acknowledge the interplay between normative and methodological considerations. With regard to this aspect, HD’s treatment of the controversy fits into a long tradition. This study takes the opportunity to rectify the error. (shrink)

Science-based methods for assessing the practical rationality of a proposed public policy typically represent assumed future outcomes of policies and values attributed to these outcomes in an idealized, that is, intentionally distorted way and abstracted from aspects that are deemed irrelevant. Different types of methods do so in different ways. As a consequence, they instantiate the properties that result from abstraction and idealization such as conceptual simplicity versus complexity, or comprehensiveness versus selectivity of the values under consideration to different degrees. (...) I hold that none of these methods is best in general. Instead, I opt for the valuation method that is useful for the policy issue in question both in terms of its relevance and in terms of its practicability. Relevance requires that the method can represent and account for what is at stake in the policy issue. Practicability refers to aspects such as easy versus difficult handling of the method. To argue for the claim, I evaluate three types of valuation methods: cost–benefit analysis that rests on unidimensional measurement and ranking, multi-criteria decision analysis that applies multi-dimensional measurement but unidimensional ranking, and non-aggregate indicator systems that operate with multi-dimensional measurement and sometimes also multi-dimensional ranking. Second-order justification indicating whether and how the valuation method chosen is capable of accounting for the substantive value considerations that constitute the real-world policy issue in question renders the conditions on which the results of a proposed policy evaluation rest transparent. (shrink)