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Rational choice theory refers to a set of guidelines that help understand economic and social behaviour.[1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith.[2] The theory postulates that an individual will perform a cost–benefit analysis to determine whether an option is right for them.[3] It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand.[4]
Rationality can be used as an assumption for the behaviour of individuals in a wide range of contexts outside of economics. It is also used in political science,[5] sociology,[6] and philosophy.[7]
- ^ Lawrence E. Blume and David Easley (2008). "[Rationality]," The New Palgrave Dictionary of Economics, 2nd Edition. http://www.dictionaryofeconomics.com/article?id=pde2008_R000277&q Abstract." by Abstract & pre-publication copy.
Amartya Sen (2008). "Rational Behaviour," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. - ^ Boudon, Raymond (August 2003). "Beyond Rational Choice Theory". Annual Review of Sociology. 29 (1): 1–21. doi:10.1146/annurev.soc.29.010202.100213. ISSN 0360-0572.
- ^ Gary Browning, Abigail Halcli, Frank Webster (2000). Understanding Contemporary Society: Theories of the Present, London: SAGE Publications.
- ^ Levin, J. and Milgrom, P., 2004. Introduction to choice theory. Available from internet: http://web. stanford. edu/~ jdlevin/Econ, 20202
- ^ 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.
- ^ Taliaferro, Charles (2013). "Rationality (Philosophical)". Encyclopedia of Sciences and Religions. Springer Netherlands. pp. 1947–1950. doi:10.1007/978-1-4020-8265-8_1549. Retrieved 9 January 2024.
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