Abstract
Ever since Sen’s criticism of internal consistency properties of choice, there exists a perception that the standard rational choice approach has difficulties in coping with the existence of external norms, or the information a menu of choice might convey to a decision maker. This article provides a brief survey of possible responses to these criticisms of traditional rational choice theory. We review approaches to the internalization of external norms as well as ways to formulate norm-conditional rationalizability. Furthermore, we illustrate how the epistemic value of an opportunity set can be incorporated into rational choice theory.
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