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The theory of rational action may therefore fail, because it is unable to produce unique prescriptions and predictions. It may also fail if the agent… - 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.
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About Jon Elster
Jon Elster (born 22 February 1940, Oslo) is a Norwegian social and political theorist who has authored works in the philosophy of social science and rational choice theory. He is also a notable proponent of analytical Marxism, and a critic of neoclassical economics and public choice theory, largely on behavioral and psychological grounds.
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The premise of this statement is what one might call the principle of non-indirection. I call “indirection” an indirect operation that makes it possible to arrive at a certain result through two successive actions, the first of which serves only to make the second possible. ... This principle is not limited to rational actions. ... The principle of non-indirection thus expresses a broader idea of coherence that includes the emotional as well as the rational.
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In a general way, we can represent the present value of a future good as a function of the time separating the present from this future. In the classical conception, an exponential future discount is stipulated, which implies that the curves corresponding to two distinct future goods, one small and immediate, the other large and more remote, never intersect. According to more recent research, however, it seems that this discount typically takes a hyperbolic form.
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