An Inquiry in Acceptability Permanence of Perfect Rational Behavior Theory in Economics

Rational behavior theory, or rational choice theory, which was accepted by economists in the first half of the twentieth century is validated as an absolute, ideal and global rationality theory for the economical man. This kind of rationality is referred to as perfect rationality. The present study investigates the permanency of such acceptance as an economic concept. With regard to the axiom that writing a valid critique or providing an alternative theory, model or approach could violate this concept, the study looks for such cases in the work of scientists. The study benefits from the literature and analytical descriptive methods. The findings of the study indicate that, first of all, the initial acceptance of the perfect rational behavior theory by experts in economics has been unstable. The doubts in this regard come to be justified as a result of certain experiments and the following facts: agents’ imperfect information, risk and uncertainty, attention scarcity, information costs, sticking to imperfect information, paying no careful attention to the standards of rational decision theory, and agents’ using the "fast and frugal methods" in practice. To validate their doubts, the researchers have given a rationality test, which mostly strengthens those doubts and transforms them to formal critiques thatharm the initial acceptability. Moreover, the repetition of those facts hasplayed the same proving role as the rationality tests. Secondly, providing alternative theories, models and approaches is another outcome of such critiques. The findings of the study reject the idea of permanent acceptability of perfect rational behavior theory in economics.