This paper examines the different ways that economists have characterized the empirical content of modern consumer choice theory. There has been general agreement among economists that each stage in the development of the theory – from early neoclassical, to ordinal utility, and on to revealed...

The economics profession has traditionally viewed rational choice theory as a positive scientific theory. Normative economics was associated exclusively with ethics and should be kept strictly separate from positive scientific economics. This paper argues that the profession is changing in this...

The purpose of this paper is to examine the normative interpretation of the fast-and-frugal research program and in particular to contrast it with the normative reading of rational choice theory and behavioral economics. The ecological rationality of fast-and-frugal heuristics is admittedly a...