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Conversations on Rational Choice

Conversations on Rational Choice

Conversations on Rational Choice

Catherine Herfeld, Leibniz Universität Hannover
September 2025
Not yet published - available from September 2025
Hardback
9781107121850
$155.00
USD
Hardback
USD
Paperback

    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. 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. 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.

    • Offers insights into the methodological views of some of the most prominent economists of the 20th century about a highly complex theoretical approach in economics
    • Makes the theory accessible to readers without specialized training in mathematics or mathematical economics
    • Brings the perspectives of philosophy of economics and economics in direct contact with each other

    Reviews & endorsements

    ‘In this engaging and illuminating collection, Catherine Herfeld masterfully brings together leading voices in economics, psychology, and philosophy to explore the foundations, challenges, and future of rational choice. The book provides a rare glimpse into the minds of key thinkers, offering deep insights into their intellectual journeys and the evolution of the field. A must-read for anyone interested in the philosophy and methodology of rational decision-making.’ Stephan Hartmann, Munich Center for Mathematical Philosophy, LMU Munich

    ‘Conversations on Rational Choice offers a dazzling array of fresh historical and philosophical insights into the making, the functioning, and the backstage of rational choice theory. The book is both a toolbox for historians and philosophers interested in rational choice theory, and a convincing demonstration of the inherent plurality of practices that constitute that theory (or set of theories).’ Dorian Jullien, Centre d'Économie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne

    ‘Through a series of thoughtful conversations, Herfeld engages critically yet respectfully with an A-list of economists, philosophers, and psychologists. The conversations uncover implicit assumptions, reveal epistemic commitments, and - above all - illuminate diverse uses of rational choice theory. This outstanding book fosters a nuanced, practice-aware, and philosophically grounded understanding of rational choice theories. In doing so, it helps address and (hopefully) bridge the long-standing gap between philosophical critiques and scientific practice.’ Malte F. Dold, Pomona College

    ‘Catherine Herfeld has crafted her twenty-three conversations with economists, psychologists, and philosophers on rational choice theory with remarkable theoretical command, provocative questioning, and methodological awareness. The result is a book that is both illuminating and entertaining. For historians of 20th-century economics and scholars of economic methodology, it stands out as an indispensable reference.’ Ivan Moscati, Professor of Economics, University of Insubria & Bocconi University

    See more reviews

    Product details

    September 2025
    Hardback
    9781107121850
    460 pages
    244 × 170 mm
    0kg
    Not yet published - available from September 2025

    Table of Contents

    • 1. Introduction
    • 2. Pioneers of rational choice
    • 3. Formal theories of rational choice
    • 4. Psychological dimensions of rational choice
    • 5. Relating neurons, norms and networks to rational choice
    • 6. Rational choice, games and markets
    • 7. Critical reflections on rational choice
    • 8. Rational choice in philosophy
    • 9. Epilogue.
      Author
    • Catherine Herfeld , Leibniz Universität Hannover

      Catherine Herfeld is professor of philosophy and history of economics at the Leibniz University Hannover, Germany. Her research concerns the history and methodological appraisal of rational choice theories in the social sciences, for which she received prizes by the History of Economics Society, Witten/Herdecke University and the Bavarian Academy of Sciences and Humanities.