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Ecological rationality focuses the study of decision making on two key questions: First, what are the environmental regularities to which people’s decision strategies are matched, and how frequently do these regularities occur in natural environments?Which is a liability of the ecological rationality framework?
Decision strategies, respective ecologies, and studies investigating their neural substrates. According to common wisdom, more knowledge, more information, and more computation should lead to better decisions, while cognitive limitations pose a liability (see Hertwig and Todd, 2003 ).What is considered rational under the rational choice account?
What is considered rational under the rational choice account thus might not always be considered rational under the ecological rationality account. Overall, rational choice theory puts a premium on internal logical consistency whereas ecological rationality targets extrernal performance in the world.Which is the dominant account of practical rationality?
The presently dominant account of practical rationality in the social and behavioral sciences such as economics and psychology, rational choice theory, maintains that practical rationality consists in making decisions in accordance with some fixed rules, irrespective of context.