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On Thoughtless Rationality (Rules‐of‐Thumb)
Author(s) -
ETZIONI AMITAI
Publication year - 1987
Publication title -
kyklos
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.766
H-Index - 58
eISSN - 1467-6435
pISSN - 0023-5962
DOI - 10.1111/j.1467-6435.1987.tb00786.x
Subject(s) - rule of thumb , rationality , irrational number , bounded rationality , economics , ecological rationality , imperfect , perfect information , positive economics , empirical evidence , microeconomics , mathematical economics , epistemology , computer science , philosophy , mathematics , linguistics , geometry , algorithm
SUMMARY The recognition of the existence of imperfect information in decision‐making and the cognitive limitations of the human mind put various assumptions of the neoclassical economic paradigm in doubt. Neoclassical economists responded by arguing that decision rules, or rules of thumb, can be used to render decision without processing information. Further, neoclassicists have suggested that rational rules compete against and drive out irrational ones. This paper focuses on the use of rules of thumb and posits that the empirical evidence about the rationality of these rules is dubious and that they logically cannot serve as a basis for rational conduct.