Rational Choice Theory
(Redirected from rational economic theory)
Jump to navigation
Jump to search
A Rational Choice Theory is an abstract model of social and economic behavior based on rational economic agents (rational, selfish and with stable tastes).
- …
- Counter-Example(s):
- See: Sociology, Instrumental Rationality, Behavioral Economics.
References
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/rational_choice_theory Retrieved:2014-1-21.
- 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. [1] Rationality, interpreted as "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, [2] sociology, [3] 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. [4] He won the 1992 Nobel Memorial Prize in Economic Sciences for his studies of discrimination, crime, and human capital.
- ↑ • Lawrence E. Blume and David Easley (2008). “rationality," The New Palgrave Dictionary of Economics , 2nd Edition. Abstract." by Abstract] & pre-publication copy.
• Amartya Sen (2008). “rational behaviour," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. - ↑ Susanne Lohmann (2008). “rational choice and political science,"The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
- ↑ Peter Hedström and Charlotta Stern (2008). “rational choice and sociology," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
- ↑ Gary S. Becker (1976). The Economic Approach to Human Behavior. Chicago. Description and scroll to chapter-preview links.
2011
- (Kahneman, 2011) ⇒ Daniel Kahneman. (2011). “Thinking, Fast and Slow." Macmillan. ISBN:0374533555
- QUOTE: … Bruno Frey barely recalls writing the piece, but I can still recite its first sentence: “The agent of economic theory is rational, selfish, and his tastes do not change.” ...