1995/03/01 by Robert Grafstein · 1 citation
Economics, Econometrics and Finance · Social Sciences · Arts and Humanities · Psychology · #Economic Theory and Institutions #Political Philosophy and Ethics #Philosophy and History of Science #Rationality #Maximization #Utility maximization #Psychology #Social psychology #Mathematical economics #Econometrics #Positive economics #Economics #Epistemology #Philosophy
paper · doi:10.2307/3791450
openalex publication_date 1995/03/01 · openalex created_date 2025/10/10 · openalex updated_date 2025/11/06
Rationality is usually defined in terms of expected utility maximization. This paper argues for defining it in terms of conditional expected utility maximization by showing this conception's superior explanatory power in the case of electoral participation and the honoring of political commitments. The paper also shows that the expected utility definition relies on a somewhat outdated metaphysics of decision-making is more in keeping with standard scientific assumptions about human agency and behavior