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Humans should be individualistic and utility-maximizing, but not necessarily “rational”

Published online by Cambridge University Press:  02 October 2003

Pat Barclay  and
Martin Daly
Pat Barclay*
Affiliation:
Department of Psychology, McMaster University, Hamilton, Ontario, L8S 4K1 Canada http://www.science.mcmaster.ca/Psychology/md.html
Martin Daly*
Affiliation:
Department of Psychology, McMaster University, Hamilton, Ontario, L8S 4K1 Canada http://www.science.mcmaster.ca/Psychology/md.html
*
barclapj@mcmaster.ca
daly@mcmaster.ca
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Abstract:

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One reason why humans don't behave according to standard game theoretical rationality is because it's not realistic to assume that everyone else is behaving rationally. An individual is expected to have psychological mechanisms that function to maximize his/her long-term payoffs in a world of potentially “irrational” individuals. Psychological decision theory has to be individualistic because individuals make decisions, not groups.

Information

Type
Open Peer Commentary
Information
Behavioral and Brain Sciences , Volume 26 , Issue 2 , April 2003 , pp. 154 - 155
Copyright
Copyright © Cambridge University Press 2003