Uncovering the Evolution of Revealed Preference Theory: Impact on Rational Choice Debate
Revealed preference theory is a framework for studying how people make choices. There are different versions of this theory with common features but also differences. This article looks at the history of revealed preference theory to understand its diversity. It also explores how Paul Samuelson, who created the theory, viewed it over time. The goal is to shed light on the foundations of rational choice theory and its relevance to fields like psychology and economics.