This paper discusses Stanovich's appeal to individual differences in reasoning and decision-making to undermine the “adaptive rationality” project put forth by Gigerenzer and his co-workers. I discuss two different arguments based on Stanovich's research. First, heterogeneity in the use of heuristics seems to be at odds with the adaptationist background of the project. Second, the existence of correlations between cognitive ability and susceptibility to cognitive bias suggests that the “standard picture of rationality” (Stein, 1996, 4) is normatively adequate. I argue (...) that, as matters stand, none of the arguments can be seen as fully compelling. Nevertheless, my discussion is not only critical of Stanovich's research, as I also show that (and how) his research can push forward the so-called “rationality debate” by encouraging greater theoretical and experimental work. (shrink)

In this paper, I consider the recent resurgence of “evolutionary economics”—the idea that evolutionary theory can be very useful to push forward key debates in economics—and assess the extent to which it rests on a plausible foundation. To do this, I first distinguish two ways in which evolutionary theory can, in principle, be brought to bear on an economic problem—namely, evidentially and heuristically—and then apply this distinction to the three major hypotheses that evolutionary economists have come to defend: the implausibility (...) of rational choice theory as an account of economic rationality, the idea that firms are autonomous economic agents, and the need for a more dynamic, less equilibrium-focused economic methodology. In each of these cases, I conclude negatively: the relevant evolutionary considerations neither suggest interesting and novel hypotheses to investigate further (the hallmark of heuristic devices) nor are backed up by the needed data to constitute genuine evidence. I end by distinguishing this criticism of evolutionary economics from others that have been put forward in the literature: in particular, I make clear that, unlike those of other critics, the arguments of this paper are based on epistemic—not structural—considerations and therefore leave more room for a plausible form of evolutionary economics to come about in the future. (shrink)

In a series of recent publications, Gigerenzer and his collaborators have attempted to derive new norms of rationality from their psychological research in the Centre for Adaptive Behaviour and Cognition (ABC). Specifically, they have claimed that there are good reasons to replace the norms traditionally used to assess rational behaviour, which rest on the ideal of optimisation. Their proposal has considerable importance, as it has been laid out as a revision of the normative framework accepted in the social, behavioural, and (...) cognitive sciences. Still, whereas the ABC scholars present their approach as diametrically opposed to the framework of optimisation—two incompatible takes on the problem of defining rational behaviour—this paper argues that it is not entirely clear whether this is the case. I introduce a distinction between different kinds of reflection upon norms of rationality that has been neglected by ABC scholars, and provide reasons to think that the departure from the traditional framework might be less radical than ABC scholars suppose. (shrink)

A number of scholars have recently defended the claim that there is a close connection between the evolutionary biological notion of fitness and the economic notion of utility: both are said to refer to an organism’s success in dealing with its environment, and both are said to play the same theoretical roles in their respective sciences. However, an analysis of two seemingly disparate but in fact structurally related phenomena—‘niche construction’ (the case where organisms change their environment to make it fit (...) to their needs) and ‘adaptive preferences’ (the case where agents change their wants to make them fit to what the world has given them)—shows that one needs to be very careful about the postulation of this sort of fitness–utility connection. Specifically, I here use the analysis of these two phenomena to establish when connecting fitness and utility is and is not possible. (shrink)