Philosopher Kevin Dorst (Pittsburgh/Oxford) makes some very good points here; here's the crux of his argument (but the whole essay is worth a read):
In short, there is a widespread tendency to treat human deviations from standard economic models as symptoms of bias and irrationality. That is what I’m contesting. I’ll do that by arguing three things. First, deviations from such models are often perfectly rational; second, this is true of at least some widely-maligned “biases”; and third, it follows that until we scrutinize and refine the applications of such models, we will not know how many of the putative biases are truly indicators of irrationality. (To be clear: these claims don’t cast doubt on the importance of the turn from classical to behavioral economics—what they cast doubt on is the irrationalist interpretation of that turn.)
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