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Rational Choice and the Framing of Decisions
The Journal of Business, 1986Alternative descriptions of a decision problem often give rise to different preferences, contrary to the principle of invariance that underlines the rational theory of choice. Violations of this theory are traced to the rules that govern the framing of decision and to the psychological principles of evaluation embodied in prospect theory.
Tversky, Amos, Kahneman, Daniel
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On the 'Rationality' of Rational Choice
Political Psychology, 1995Proponents argue that rational choice theory is a form of positive science, one whose simplified model of the human psyche generates useful predictions of human behavior. But their assumptions are contrary to fact. Their analyses of public policy decisions are cast in terms of the sharp and now largely discredited distinction logical positivists drew ...
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Rational Choice and Rational Expectations
2017The theory of rational choice assumes that when people make decisions they do so in order to maximize their utility. In order to achieve this goal they ought to use all the information available and consider all the options available to select an optimal choice.
Tshilidzi Marwala, Evan Hurwitz
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The Rationality of Rational Choice Theory
International Interactions, 2004Rational choice theory has long been criticized, with several recent critiques of applications in political science in general and international relations in particular. In this paper, I seek to clarify discussion about rationality in several ways. I discuss the role of assumptions in theory and the assumption of rationality in rational choice theory ...
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Rationalizing Boundedly Rational Choice [PDF]
, 2004 A Rational Shortlist Method (RSM) translates into economic language some sequential choice heuristics studied in psychology. We show that the use of this boundedly rational procedure can be detected from observed choice data through tests that are very similar to those used to detect `rational' choice (such as Samuelson's WARP).
Paola Manzini, Marco Mariotti
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how rational is rational choice?
European Political Science, 2004A joke about economists can also be applied to theorists: ‘A theorist is someone who cannot see something working in practice without asking whether it would work in theory’. Less strange but more problematic is the case in which something works in theory but not in practice.
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Rational Choice and Rational Cognition
Legal Theory, 1997There is a close but largely unexplored connection between law and economics and cognitive psychology. Law and economics applies economic models, modes of analysis, and argument to legal problems. Economic theory can be applied to legal problems for predictive, explanatory, or evaluative purposes.
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Inquiry@Queen's Undergraduate Research Conference Proceedings, 2017
This presentation aims to explore the ubiquity of rationality in how people make choices. Historically, rationality has been conceived of as a scheme of certain values and beliefs, most often those that are compatible with a 'scientific way of thinking'.
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This presentation aims to explore the ubiquity of rationality in how people make choices. Historically, rationality has been conceived of as a scheme of certain values and beliefs, most often those that are compatible with a 'scientific way of thinking'.
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Rational Choice and Bounded Rationality
2017This chapter presents a brief exposition of consumer decision making. It begins by emphasizing the two major forces that frame consumer decisions, namely, the goals humans strive to attain in the marketplace and the resources they have to exchange for goods and services that achieve those goals.
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