Despite their popularity, dual process accounts of human reasoning and decision-making have come under intense scrutiny in recent years. Cognitive scientists and philosophers alike have come to question the theoretical foundations of the ‘standard view’ of dual process theory and have challenged the validity and relevance of evidence in support of it. Moreover, attempts to modify and refine dual process theory in light of these challenges have generated additional concerns about its applicability and refutability as a scientific theory. With these (...) concerns in mind, this paper provides a critical review of dual process theory in economics, focusing on its role as a psychological framework for decision modeling in behavioral economics and neuroeconomics. I argue that the influx of criticisms against dual process theory challenge the descriptive accuracy of dualistic decision models in economics. In fact, the case can be made that the popularity of dual process theory in economics has less to do with the empirical success of dualistic decision models, and more to do with the convenience that the dual process narrative provides economists looking to explain-away decision anomalies. This leaves behavioral economists and neuroeconomists with something of a dilemma: either they stick to their purported ambitions to give a realistic description of human decision-making and give up the narrative, or they revise and restate their scientific ambitions. (shrink)

Functionalism about kinds is still the dominant style of thought in the special sciences, like economics, psychology, and biology. Generally construed, functionalism is the view that states or processes can be individuated based on what role they play rather than what they are constituted of or realized by. Recently, Weiskopf has posited a reformulation of functionalism on the model-based approach to explanation. We refer to this reformulation as ‘new functionalism’. In this paper, we seek to defend new functionalism and to (...) recast it in light of the concrete explanatory aims of the special sciences. In particular, we argue that the assessment of the explanatory legitimacy of a functional kind needs to take into account the explanatory purpose of the model in which the functional kind is employed. We aim at demonstrating this by appealing to model-based explanations from the social and behavioral sciences. Specifically, we focus on preferences and signals as functional kinds. Our argument is intended to have the double impact of deflecting criticisms against new functionalism from the perspective of mechanistic decomposition while also expanding the scope of new functionalism to encompass the social and behavioral sciences. (shrink)

Volume 27, Issue 2, June 2020, Page 184-189.