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Behaviorists have argued that the premise of perfect rationality in conventional economics should be rejected, or just set aside, because it is patently false. In
Behaviorists have argued that the premise of perfect rationality in conventional economics should be rejected, or just set aside, because it is patently false. In chapter McKenzie and Lee argue that
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since economics is a social science, the nature of its assumptions must be different than those used in the natural sciences
stylized, or unreal premises in science can advance the development of insights because they clarify and simplify analyses that would otherwise be too complex.
careful investigation by neuroeconomists have actually confirmed the assumption of perfect rationality.
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