Ilyukhin, A. A., Ponomareva, S. I., & Ilyukhina, S. V. (2019). Principle of Rationality in Behavioural Economics. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 16(2), 214-224
This article is devoted to the study of the rational choice theory in the development of behavioural economics. The aim of this study is to research the principle of rationality in behavioural economics as an immanent part of a person model and to define practical forms of its application. The methodological framework of this research includes basic concepts of the rational choice theory and behavioural economics. General scientific methods have been used in this study: method of comparison, systemic analysis, systematization of information and expert assessments. Theoretical and methodological foundations for the interpretation of the “rationality” concept in economic science are revealed. The conventional economic term «rationality» is noted to be ambivalent. Basic concepts and ideas on which the principle of rationality is based in economics are analyzed in terms of their changes. The conclusion is drawn on the relevant use of a rationality concept only in a certain context. This methodological rationale determined a special authorial approach to the analysis of the principle of rationality which is considered as a component of a person model in behavioural economics. Perspectives of modification of the principle of rationality are shown in the light of the modern development of behavioural and experimental economics. The emergence of new and alternative concepts is viewed as a positive result of the critical evaluation of the analyzed principle. Thus, it is found viable to complement the traditional methodology and the rational choice theory with the achievements of behavioural economics, neuroeconomics, and other interdisciplinary sciences. Methodological and applied framework for the selection of the criterion of the rational choice in behavioural economics is revealed. The principle of rationality developed by behavioural economics is claimed to be of use in theoretical justification of “behavioural policy” and its practical implementation offered by the national government.