2 The quote is from Veblen [(1898): p. 389]: “In all the received formulations of economic theory...the human material with which the inquiry is concerned is conceived in hedonistic terms; ... The hedonistic conception of man is that of a lightning calculator of pleasures and pains who oscillates like a homogeneous globule of desire of happiness under the impulse of stimuli that shift him about the area, but leave him intact.” (Italics added to the original.)
3 Thaler and Sunstein (2008): p. 6.
4 This definition is more precisely referred to as “instrumental rationality,” and it comes from Etzioni (1988, p. 136). Instrumental rationality was also described ...