Rational Choice Theory - Essay Example

Comments (0) Cite this document
Rational Choice Theory is commonly justified with a discussion of the choice behavior of one or more individual decision-making operatives. The focus on the individual is consequentially the central component of the Rational Choice debate (Elster, 1986). The rational choice theorist contend that the individual agent is “typical” or “representative” of a larger group…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
Rational Choice Theory
Read TextPreview

Extract of sample
"Rational Choice Theory"

Download file to see previous pages The natural reaction of many economists to criticisms about assumptions is to quote a famous paper by Friedman (1953, pp. 14-15): If a theory can be stated to make assumptions, and in so far as their “realism” can be evaluated independently of the validity of predictions, the relation between the significance of a theory and the “realism” of its assumptions is almost the opposite of that suggested by the view under criticism. Truly important and significant hypotheses will be found to have wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions (in this sense). The reason is simple. A hypothesis is important if it “explains” much by little, that is, if it abstracts the common and crucial elements from the mass of complex and detailed circumstances surrounding the phenomena to be explained and permits valid predictions on the basis of them alone. To be important, therefore, a hypothesis must be descriptively false in its assumptions; it takes account of, and accounts for, none of the many other attendant circumstances, since its very success shows them to be irrelevant for the phenomena to be explained. To put this point less paradoxically, the relevant question to ask about the “assumptions” of a theory is not whether they are descriptively “realistic,” for they never are, but whether they are sufficiently good approximations for the purpose in hand. And this question can be answered only be seeing whether the theory works, which means whether it yields sufficiently accurate predictions. The two supposedly independent tests thus reduce to one test. Friedman therefore maintains that the only valid criticisms of a theory are empirical criticisms. Samuelson (1963) responds to this idea with the following example: ... what I and other readers believe is his [Friedman’s] new twist – which from now on I shall call the “F-twist” ... is the following: A theory is vindicable if (some of) its consequences are empirically valid to a useful degree of approximation; the (empirical) unrealism of the theory “itself,” or of its “assumptions,” is quite irrelevant to its validity and worth. ... ... the nonpositivistic Milton Friedman has a strong effective demand which a valid F-twist brand of positivism could supply. The motivation for the F-twist, critics say, is to help the case for (1) the perfectly competitive laissez faire model of economics, which has been under continuous attack from outside the profession for a century and from within since the monopolistic competition revolution of thirty years past; and (2), but of lesser moment, the “maximization of profit” hypothesis, that mixture of truism, truth, and untruth. If Dr. Friedman tells us this was not so; if his psychoanalyst assures us his testimony in this case is not vitiated by subconscious motivations; even if Maxwell’s Demon and a Jury in Heaven concur – still it would seem a fair use of the F-Twist itself to say: “Our theory about the origin and purpose of the F-twist may be ‘unrealistic’ (a euphemism for ‘empirically dead wrong’), but what of that. The consequence of our theory agrees with the fact that Chicagoans use the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Rational Choice Theory Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Rational Choice Theory Essay Example | Topics and Well Written Essays - 3000 words. Retrieved from https://studentshare.org/history/1440121-imagine-a-debate-between-a-rational-choice
(Rational Choice Theory Essay Example | Topics and Well Written Essays - 3000 Words)
Rational Choice Theory Essay Example | Topics and Well Written Essays - 3000 Words. https://studentshare.org/history/1440121-imagine-a-debate-between-a-rational-choice.
“Rational Choice Theory Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/history/1440121-imagine-a-debate-between-a-rational-choice.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Rational Choice Theory.What is rational in rational choice theory
What is rational in Rational Choice Theory? Critically assess its applications. The Rational Choice Theory is based on the principle, that choices which the individuals make for utilizing a particular product or service are based on the rational of maximizing the utility.
10 Pages(2500 words)Essay
Power and Limitations of the Concept of Rational Choice
The theory of a rational choice was based on the understanding of Human behaviours. In the modern world it is mostly applied in politics, economics and science. Rationality choice is considered to be entailed in the contemporary sociological theory. The implication of rationality choice rest on the assumption of old utilitarian principle.
4 Pages(1000 words)Essay
Strengths and Limitations of Rational-Choice Based Perspectives
The rational choice based perspectives are limited due to its abstract nature, its lack of realistic and empirical procedures. The limiting factor of this perspective would seem that the assumptions of the theory are not literally and completely true. In relation to its unempirical approach is the lack of evidence.
4 Pages(1000 words)Essay
Human Resource Management & Information Management (MBA) pro 6
This might be because of the rivalry that arises or distraction from main focus that is work to money but, PRP is still a very widely practiced approach. Performance related pay is a prevalent mode of reward everywhere, and this is because of many reasons.
1 Pages(250 words)Essay
Rational Choice Theory and Irrational Decisions
The main conclusion of the work is that despite the fact that rational choice theories are widely used at present for the explanation of various international processes, their application is in many terms limited as soon as the decision appears to be irrational.
8 Pages(2000 words)Essay
Researching politics
In this case the choice maker can give the proper justification of the choice made. Taking time for a particular choice and making particular things as choices
6 Pages(1500 words)Essay
The failure of the Arab leauge between Rational Choice Theory and neo-Functionalism
International Relations deal with human behavior in the largest of all social groups: the international society. International Relations theory is an intellectual treasure trove of Weberian ideal types of phenomenon, structures, processes, causes, effects and outcomes.
10 Pages(2500 words)Essay
Rational choice theory
on of objectives, and solution development, are created and assessed, and an alternative is adopted, applied, and then monitored and updated (Parmigiani & Inoue 2009). This form of rational approach to decision making states that the decision maker knows that a problem exists,
6 Pages(1500 words)Essay
Assess the strengths and weaknesses of Rational choice theory(RCT) as an analytic framework for politics and IR
use as a scientific methodological theory to propagate political activism and has reached the stature of globally applicable to the world political and IR issues. Rational choice theory had its root in Liberal belief, and economic theory based on rationality. This theory, in
6 Pages(1500 words)Essay
Theories of Constructivism and Rational Choice
From this research, it is clear that the reason why there is a need to study and have an adequate amount of knowledge of international relations is the fact that the whole population of this world is classified into different political sects or organizations or independent states which greatly affects the lives of each and every one of us.
12 Pages(3000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Rational Choice Theory for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us