13d. Maximizing and Rationality

11:00 AM–12:15 PM Mar 2, 2018 (US - Eastern)

(HR) Regency VI



  • Barry Schwartz, UC Berkeley
Research on decision making relies on the principles of rational choice theory for a normative standard. According to this standard, rational choosers act to maximize utility, or preference, or expected value. I argue that “maximization” is the wrong standard—both logically and psychologically. If we are to assess the “rationality” of decisions, we need a new normative standard.