Abstract
The hypothesis of rationality is a basic element of the theory of economic behaviour, and nowadays almost all economic models with a microeconomic foundation involve such a hypothesis. However, in spite of its widespread use, this hypothesis has always been the source of recurrent disputes(l). This paradoxical situation can probably be explained by the conjunction of two facts. On the one hand, the hypothesis of rationality seems to involve strong and unrealistic assumptions concerning the economic agent’s information and computational capacity. On the other hand, there seems to be no alternative model of economic behaviour which could be easily used in mathematical economic models. Thus, despite its drawbacks, the hypothesis of rationality has not yet encountered any serious competitor and keeps its hold on economic theory.
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