Fenwick Scholar Program
Date of Award
5-17-2023
Project Type
Thesis
First Advisor
Karsten Stueber
Second Advisor
Kolleen Rask
Third Advisor
Mark Hallahan
Abstract
This project undertakes a philosophical analysis of the intricacies of agency found in rational choice theory - the mainstream economic theory that agents are fundamentally rational and utilize their rationality to identify and pursue their self-interest. Recent experimental evidence within and outside of economics has cast doubt on the psychological accuracy and predictive prowess of the theory, laying the foundation to discuss the strengths and limitations of the theory as well as the impacts that this paradigm of agency has on our society today. I argue that rational choice theory struggles as a holistic conception of agency both from an explanatory and a predictive standpoint because it fails to be psychologically accurate. Economics' push to become more precise using mathematical functions must be grounded in accurate conceptions of agency and society and returning to Adam Smith, an economist and philosopher, can serve as a bridge between the disciplines.
Recommended Citation
Hendrix, Max, "Intricacies of Agency: Rational Choice, Behavioral Economics, and Our Normative Commitments" (2023). Fenwick Scholar Program. 23.
https://crossworks.holycross.edu/fenwick_scholar/23
Included in
Behavioral Economics Commons, Economic History Commons, Philosophy Commons, Psychology Commons
Comments
Additional advisor: Daniel Schwab