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Procedural Rationality in the Time of COVID-19

Homo economicus , the typical economic man, is a rational agent whose goal is to find the optimal solution to any problem. However, this may not be feasible in complex situations like the current global pandemic. We argue that in such environments where Knightian uncertainty plays a big role, the behaviour of countries, sectors of the economy, and individuals may be characterised by procedural rationality. Instead of focusing on the outcome, it is argued that the decision-maker draws upon similar experiences and follows a consistent procedure.

Altruism in the Household

This article reports results from a pilot experiment that evaluates the role of procedural altruism in the household. An allocation game is used to study the choice between joint consumption and private consumption among married spouses. Subjects' consumption decisions over joint and private goods are observed under two treatments - effort and no-effort. Overall, results suggest that the procedure in which the economic resources are earned seem to influence altruistic choices of males more than females.
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