Rational choice theory
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Rational choice theory, also known as choice theory or rational action theory is a framework for understanding and often formally modeling social and economic behavior. It is the main theoretical paradigm in the currently-dominant school of microeconomics. Rationality (here equated with "wanting more rather than less of a good") is widely used as an assumption of the behavior of individuals in microeconomic models and analysis and appears in almost all economics textbook treatments of human decision-making. It is also central to some of modern political science and is used by some scholars in other disciplines such as sociology and philosophy. It attaches "wanting more" to instrumental rationality, which involves seeking the most cost-effective means to achieve a specific goal without reflecting on the worthiness of that goal. Gary Becker was an early proponent of applying rational actor models more widely. He won the 1992 Nobel Memorial Prize in Economic Sciences for his studies of discrimination, crime, and human capital.
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- Related: Analytic narrative, Bounded rationality, Bureaucracy, Choice theory, Decision theory, Decision-making software, Efficient-market hypothesis, Framing (social sciences), Homo economicus, Game theory, Gérard Debreu, Neoclassical economics, Organizational theory, Phronetic theory, Positive political theory, Public choice theory, RAND Corporation, Rational expectations, Rational ignorance, Rational pricing, Rationality, Rationality and power, Satisficing, Social choice theory, Theory of religious economy, Vicarious problem-solving, Parametric determinism
| Rational Choice Theory at the Stanford Encyclopedi... Rational Choice Theory at the Stanford Encyclopedia of Philosophy plato.stanford.edu/entries/economics/#5 - Web |
| Rational Choice Theory - Article by John Scott Rational Choice Theory - Article by John Scott privatewww.essex.ac.uk/~scottj/socscot7.htm - Web |
| What Is Neoclassical Economics What Is Neoclassical Economics www.paecon.net/PAEReview/issue38/ArnspergerVaroufakis38.htm - Web |
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| The New Nostradamus The New Nostradamus www.goodmagazine.com/section/Features/the_new_nostradamus - Web |
| To See The Future, Use The Logic Of Self-Interest To See The Future, Use The Logic Of Self-Interest www.npr.org/templates/story/story.php?storyId=120201554 - Web |
