Rational choice theories belong to the most important building blocks of 20th century economics. Their usefulness to model human behaviour has been extensively debated in modern social science and beyond. While some have argued that rational choice theories should be applied to a broad range of political and social phenomena, the rise of behavioural economics questions whether they are appropriate at all for understanding economic behaviour.
Prof. Catherine Herfeld's new book “Conversations on Rational Choice” sheds light on what is actually at stake in these debates. In 23 conversations, some of the most prominent protagonists from economics, psychology, and philosophy discuss their individual perspectives on the nature, possible justifications, and epistemic limitations of rational choice theories. 7 nobel prize laureates are among Prof. Herfeld's conversation partners. Offering a comprehensive assessment of the value of rational choice theories in producing knowledge in economics, these conversations lay the ground for a more nuanced appraisal of rational choice theories from a practical viewpoint.
A summary of the book can be found in the newsletter of the Royal Economic Society on pages 4-5.