21 Facts About Rational choice

Rational choice theory refers to a set of guidelines that help understand economic and social behaviour.

Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand.

Basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour.

In recent years, the most prevalent version of rational choice theory, expected utility theory, has been challenged by the experimental results of behavioral economics.

Rational choice theory has proposed that there are two outcomes of two choices regarding human action.

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Concept of rationality used in rational choice theory is different from the colloquial and most philosophical use of the word.

Basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour.

Rational choice behaviour is not solely driven by monetary gain, but can be driven by emotional motives.

Rational choice approach allows preferences to be represented as real-valued utility functions.

Rational choice theory has become increasingly employed in social sciences other than economics, such as sociology, evolutionary theory and political science in recent decades.

Rational choice theory has become one of the major approaches in the study of international relations.

Since the theory behind rational choice is that individuals will take the course of action that best serves their personal interests, when considering relationships it is still assumed that they will display such mentality due to deep-rooted, self-interested aspects of human nature.

Rational choice noted that this level of trust is a consideration that an individual takes into concern before deciding on a rational action towards another individual.

When taken in this perspective, rational choice theory has provided very little to the overall understanding of political interaction - and is an amount certainly disproportionately weak relative to its appearance in the literature.

Rational choice theorists discuss individual values and structural elements as equally important determinants of outcomes.

Therefore, in line with structural functionalism and social network analysis perspectives, rational choice explanations are considered mainstream in sociology.

Theoretical Rational choice focuses on social outcomes rather than individual outcomes.

An evolutionary psychology perspective suggests that many of the seeming contradictions and biases regarding rational choice can be explained as being rational in the context of maximizing biological fitness in the ancestral environment but not necessarily in the current one.

Proponents of emotional choice theory criticize the rational choice paradigm by drawing on new findings from emotion research in psychology and neuroscience.

Emotional Rational choice theory seeks to capture not only the social but the physiological and dynamic character of emotions.

Rational choice argued that rationality differs between the public and private spheres.