Synopsis on Rational Choice

Title: Synopsis on Rational Choice
Category: Business & Economy / Economics | Words: 1435 | Pages: 6.1 (approximately 235 words/page)

Synopsis on Rational Choice

In this synopsis I intend to analyse the rational choice model and its relevance in economic theory, using the utility theory as an example. Firstly I will define and explain rational choice and then introduce utility theory. From there I will move on to outlining some of the major criticisms of the rational choice model. Rational choice is a psychological model directed at testing and analysing the rationality of individuals decisions. It was introduced to …showed first 75 words of 1435 total…

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…showed last 75 words of 1435 total…Oxford 18)Simon, Herbert A., (1978) Rationality as a process and as product of thought, American Economic Review, 68(2): 1-16 19)Weber, Max., (1978) Economy and Society, University of California Press, Berkeley (Ca, USA) 20)Weber, Max., (1968) Gesammelte Aufsätze zur Wissenschaftslehre, 3rd edition, J. C. B. Mohr: Tübingen (Ger) 21)Zafirowski, M., (2000) Extending the rational choice model from the economy to society, Economy and Society, 29: 181-206 22)Zey, Mary., (1998) Rational choice theory and organisational theory: a critique, Sage Publication: Thousand Oaks (Ca, USA)

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