The theory of rational action may therefore fail, because it is unable to produce unique prescriptions and predictions. It may also fail if the agents' behavior does not conform to predictions, whether these are unique or not; that is, if the agents are irrational. There are multiple sources of irrationality, hot or cold. (Jon Elster)

The theory of rational action may therefore fail, because it is unable to produce unique prescriptions and predictions. It may also fail if the agents' behavior does not conform to predictions, whether these are unique or not; that is, if the agents are irrational. There are multiple sources of irrationality, hot or cold.

Jon Elster

Related topics

action behavior cold fail hot irrational irrationality multiple produce rational theory unique

Related quotes

(Game theory is) essentially a structural theory. It uncovers the logical structure of a great variety of conflict situations and describes this structure in mathematical terms. Sometimes the logical structure of a conflict situation admits rational decisions; sometimes it does not.
Anatol Rapoport
Many causes produce war. There are ancient hatreds, turbulent frontiers, the "legacy of old forgotten, far-off things, and battles long ago." There are new-born fanaticisms. Convictions on the part of certain peoples that they have become the unique depositories of ultimate truth and right.
Franklin D. Roosevelt
What is missing from the policy analyst's tool kit -- and from the set of accepted, well-developed theories of human organization -- is an adequately specified theory of collective action whereby a group of principals can organize themselves voluntarily to retain the residuals of their own efforts.
Elinor Ostrom
I have noticed that doctors who fail in the practice of medicine have a tendency to seek one another's company and aid in consultation. A doctor who cannot take out your appendix properly will recommend you to a doctor who will be unable to remove your tonsils with success.
Ernest Hemingway
The Greeks distinguished between good and bad behavior, language that enhanced or diminished persons. Being intoxicated with scientism, we fail to recognize that the seemingly technical terms used to identify psychiatric illnesses and interventions are simply dyphemisms and euphemisms.
Thomas Szasz