Conversations on Rational Choice

Rational choice theories belong to the most important building blocks of 20th century economics. Their usefulness to model human behaviour has been extensively debated in modern social science and beyond. While some have argued that rational choice theories should be applied to a broad range of political and social phenomena, the rise of behavioural economics questions whether they are appropriate at all for understanding economic behaviour. Conversations on Rational Choice sheds light on what is actually at stake in these debates. In 23 conversations, some of the most prominent protagonists from economics, psychology, and philosophy discuss their individual perspectives on the nature, possible justifications, and epistemic limitations of rational choice theories. Offering a comprehensive assessment of the value of rational choice theories in producing knowledge in economics, these conversations lay the ground for a more nuanced appraisal of rational choice theories from a practical viewpoint.

Catherine Herfeld is professor of philosophy and history of economics at the Leibniz University Hannover, Germany. Her research concerns the history and methodological appraisal of rational choice theories in the social sciences, for which she received prizes by the History of Economics Society, Witten/Herdecke University and the Bavarian Academy of Sciences and Humanities.