Reason, rationality and rational decision: what the philosophy of action has to say to economics (and vice versa)?

Abstract

In this article, in the light of philosophy of action, we analyze the role of rationality in economics. Our intention is to confront the normative role played by rationality in the philosophy of action with its positive role played in economics (whether it is in its mainstream version, or it is in its behavioral version). The conclusion seeks to examine the question whether the alleged “irrationalism” of economic behavior observed in empirical tests of behavioral economics really call into question the rationality standards set by so called canonical theories of rationality under three different points of view, namely the normative, the positive and the normative-positive ones.