Kevin Vallier

Many economic theorists hold that social institutions can lead otherwise irrational agents to approximate the predictions of traditional rational choice theory. But there is little consensus on how institutions do so. I defend an economic internalist account of the institution-actor relationship by explaining economic rationality as a feature of individuals whose decision-making is aided by institutional structures. This approach, known as the subjective transaction costs theory, represents apparently irrational behavior as a rational response to high subjective transaction costs of thinking and deciding. The theory has two attractive features. First, it reconciles rational choice theory with the increasing body of evidence cataloguing putative errors in economic decision-making. Second, it vindicates the explanatory power of individual choice against externalist challenges; the subjective transaction costs theory keeps economic rationality in the head.

Public reason liberals typically defend an accessibility requirement for reasons offered in public political dialog. The accessibility requirement holds that public reasons must be amenable to criticism, evaluable by reasonable persons, and the like. Public reason liberals are therefore hostile to the public use of reasons that appear inaccessible, especially religious reasons. This hostility has provoked strong reactions from public reason liberalism's religion-friendly critics. But public reason liberals and their religion-friendly critics need not be at odds because the accessibility requirement is implausible. In fact, the accessibility requirement is ambiguous between two interpretations, one of which is too stringent and the other too loose. Depending upon the interpretation, accessibility either restricts the use of too many secular reasons or permits appeal to a wide range of religious reasons. The accessibility requirement should therefore be rejected.