This paper discusses a common criticism of economic models that depart from the standard rational-choice paradigm - namely, that the phenomena addressed by such models can be "rationalized" by some standard model. I criticize this criterion for evaluating bounded-rationality models. Using a...

Developments in the theory of individual decision-making have been partly shaped by two criteria: a desire for models consistent with experimental evidence; and a pre-commitment to models built on normatively appealing axioms. This paper explores the compatibility of these two selection criteria....