Conversations on Rational Choice

This book confronts the views of prominent economists about the nature of rational choice theories alongside their most forceful critics.

Catherine Herfeld (Author)

9781107547643, Cambridge University Press

Paperback / softback, published 19 February 2026

578 pages
24.5 x 17 x 3 cm, 0.988 kg

'Many people aspire to make their decisions rationally. But what exactly does that amount to? Scholars from a wide range of disciplines have tried to answer the question, and many of the luminaries are featured in this fascinating collection of interviews. Catherine Herfeld has drawn on her deep knowledge of economics, her strong philosophical intelligence, and her adroitness as an interviewer to offer a cornucopia of interesting ideas about an important concept.' Philip Kitcher, John Dewey Professor of Philosophy, Emeritus, Columbia University

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.

1. Introduction
2. Pioneers of rational choice
3. Formal theories of rational choice
4. Psychological dimensions of rational choice
5. Relating neurons, norms and networks to rational choice
6. Rational choice, games and markets
7. Critical reflections on rational choice
8. Rational choice in philosophy
9. Epilogue.

Subject Areas: Economic theory & philosophy [KCA]