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Voir la notice dans le catalogue OpenEdition. Navigation — Plan du site. Revue des livres. Massimo Egidi. Plan 1. Violations of Rationality Lead to Dualistic Behaviors. Bibliographie Allais, Maurice. London: Routledge Schumpeter, Joseph A. London: Routledge Shiffrin, Richard M. Notes 1 Schumpeter warns that individuals are far from perfectly rational in their political choices, that emotional elements may supplant logical thought, and that individuals are exposed to irrational external messages, forms of persuasion, and advertising.
Haut de page. Suivez-nous Flux RSS. Dans tout OpenEdition. All theories attempt to give meaning to the things we observe in the world. Rational choice theory can explain why people, groups, and society as a whole make certain choices, based on specific costs and rewards. Rational choice theory also helps to explain behavior that seems irrational.
Because a central premise of rational choice theory is that all behavior is rational, any action can be scrutinized for its underlying rational motivations.
Individuals do not have perfect access to the information they would need to make the most rational decision every time. According to rational choice theory, rational investors are those investors that will quickly buy any stocks that are priced too low and short-sell any stocks that are priced too high.
An example of a rational consumer would be a person choosing between two cars. While rational choice theory is logical and easy to understand, it is often contradicted in the real world. For example, political factions that were in favor of the Brexit vote, held on June 24, , used promotional campaigns that were based on emotion rather than rational analysis.
These campaigns led to the semi-shocking and unexpected result of the vote—the United Kingdom officially decided to leave the European Union. Rational behavior may not involve receiving the most monetary or material benefit; the benefit of a particular choice could be purely emotional or non-monetary.
For example, while it is likely more financially beneficial for an executive to stay on at a company rather than take time off to care for their new newborn child, it is still considered rational behavior for them to take time off if they feel that the benefits of the time spent with their child outweigh the utility from the paycheck they receive. Rather, they use a logical decision-making process that takes into account the costs and benefits of various options, weighing the options against each other.
Adam Smith, who proposed the idea of an "invisible hand" moving free-market economies in the mids, is usually credited as the father of rational choice theory.
The main goal of rational choice theory is to explain why individuals and larger groups make certain choices, based on specific costs and rewards. According to rational choice theory, individuals use their self-interests to make choices that will provide them with the greatest benefit.
People weigh their options and make the choice they think will serve them best. States, intergovernmental organizations, nongovernmental organizations, and multinational corporations are all made up of human beings. In order to understand the actions of these entities, we must understand the behavior of the humans running them. Rational choice theory helps to explain how leaders and other important decision-makers of organizations and institutions make decisions.
Rational choice theory can also attempt to predict the future actions of these actors. One of the strengths of rational choice theory is the versatility of its application. It can be applied to many different disciplines and areas of study.
It also makes reasonable assumptions and compelling logic. The theory also encourages individuals to make sound economic decisions. By making sound economic decisions, it is possible for an individual to acquire more tools that will allow them to further maximize their preferences in the future. The majority of classical economic theories are based on the assumptions of rational choice theory: individuals make choices that result in the optimal level of benefit or utility for them.
Further, people would rather take actions that benefit them versus actions that are neutral or harm them. Although many criticisms of rational choice theory exist—because people are emotional and easily distracted, and therefore, their behavior does not always follow the predictions of economic models—it is still widely applied across different academic disciplines and fields of study.
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Popular Courses. Economics Behavioral Economics. Table of Contents Expand. What Is Rational Choice Theory? Understanding Rational Choice Theory. Self-Interest and the Invisible Hand. Advantages and Disadvantages of Rational Choice Theory. Examples of Rational Choice Theory. The Bottom Line. Key Takeaways Rational choice theory states that individuals rely on rational calculations to make rational choices that result in outcomes aligned with their own best interests.
Rational choice theory is often associated with the concepts of rational actors, self-interest, and the invisible hand. Many economists believe that the factors associated with rational choice theory are beneficial to the economy as a whole. Pros of Rational Choice Theory Helpful in explaining individual and collective behaviors All theories attempt to give meaning to the things we observe in the world.
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