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Full-Text Articles in Law
Rational Choice And Reasonable Interactions, Bruce Chapman
Rational Choice And Reasonable Interactions, Bruce Chapman
Chicago-Kent Law Review
Game theory probably offers the most well-known account of how rational agents interact in strategic situations. The rational thought processes that are involved, while enormously sophisticated, remain very private for each agent. Less well known is the alternative account that is offered by law and legal theory, an account where agents interact, and understand their interaction, under the idea of public (or objective) reasonableness. This Article argues, using some simple examples, that the legal account does better than the game theoretic account in explaining the actual levels of cooperation and coordination we observe across rational individuals in strategic situations.
Neuroeconomics And Rationality, Terrence Chorvat, Kevin Mccabe
Neuroeconomics And Rationality, Terrence Chorvat, Kevin Mccabe
Chicago-Kent Law Review
The assumption of rationality is both one of the most important and most controversial assumptions of modern economics. This Article discusses what current experimental economic as well as neuroscience research tells us about the relationship between rationality and the mechanisms of human decision making. The Article explores the meaning of rationality, with a discussion of the distinction between traditional constructivist rationality and more ecological concepts of rationality. The Article argues that ecological notions of rationality more accurately describe both human neural mechanisms as well as a wider variety of human behavior than do constructivist notions of rationality.