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The mainstream conception of economic action as rational maximizing has been under attack at least since Veblen. What has been lacking, however, is an alternative—or at least partly alternative—account that remedies many of the faults to which critics point without at the same time obliterating the many tangible benefits of the mainstream approach. This essay argues that a new model of action may be emerging that qualifies as such a (partial) alternative. In what follows, I examine both the strong and weak forms of the rational-behavior model as well as several recent competitors.

DOI: 10.1007/978-94-011-4862-7_5

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