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Article
Inconsistency is not Pathological: A Pragmatic Perspective
Mind & Society: Cognitive Studies in Economics and Social Sciences (2019)
  • Mario J Rizzo
Abstract
Both behavioral and standard neoclassical economists place a heavy emphasis on
the consistency of preferences. In particular, transitive preferences are considered a
desideratum. This paper attempts to show that consistency at the level of individual
choice may be pragmatically irrelevant. Consistently following an environmentally
adapted rule can result in intransitive preferences without negative consequences for
individual or social goals. I give three examples of this. Social scientists should look
at intransitivity of choices as a challenge to offer better explanations rather than as a
normative defect.
Keywords
  • Rationality,
  • Intransitivity,
  • Rules,
  • Adaptation
Publication Date
April, 2019
DOI
https://doi.org/10.1007/s11299-019-00211-6
Citation Information
Mario J Rizzo. "Inconsistency is not Pathological: A Pragmatic Perspective" Mind & Society: Cognitive Studies in Economics and Social Sciences Vol. 18 (2019) p. 77 - 95
Available at: http://works.bepress.com/mario_rizzo/40/