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| Author: | Kahneman, D. |
| Title: | New challenges to the rationally assumption |
| Journal: | Journal of Institutional and Theoretical Economics
1994 : MAR, VOL. 150:1, p. 18-36 |
| Index terms: | RATIONALITY EVALUATION RESEARCH |
| Language: | eng |
| Abstract: | In contrast to logical criteria of rationality, which can be assessed entirely by reference to the system of preferences, substantive criteria of rational choice refer to an independent evaluation of the outcomes of decisions. One of these substantive criteria is the experienced hedonic utility of outcomes. Research indicates that people are myopic in their decisions, may lack skill in predicting their future tastes, and can be led to the erroneous choices by fallible memory. |
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