Abstract
Scientists often disagree about whether a new theory is better than the current theory. From this some (e.g., Thomas Kuhn) have inferred that the values of science are changing and subjective, and hence that science is an ‘irrational’ enterprise. As an alternative, this paper develops a ‘rational’ model of the scientific enterprise according to which the scope and elegance of theories are important elements in the scientist's utility function. The varied speed of acceptance of new theories by scientists can be explained in terms of the optimal allocation of time among different scientific activities. The model thus accounts for the ‘rationality’ of science in a way that is broadly consistent with the empirical evidence on the history and practice of science.
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