Nobody downloaded yet

Rational choice theory - Essay Example

Comments (0) Cite this document
Summary
Customarily, theorists and academics have viewed decision making as the intricate mechanism by which the processes of problem identification,…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.9% of users find it useful
Rational choice theory
Read TextPreview

Extract of sample "Rational choice theory"

Download file to see previous pages Specifically, rational choice theory also claims that the decision maker knows all the potential alternatives and that s/he makes a decision after evaluating them all (Heath 2001).
Decision-making process in organizations can be distinguished as automatic— regular decisions made in accordance to established guiding principles—or non-programmed—choices necessitating new and innovative solutions (White 2006). Furthermore, decisions vary with regard to the level of risk present, ranging from those wherein the results of a decision are fairly definite to those wherein results are considerably indefinite. Indefinite circumstances are communicates as probability statements derived from either subjective or objective facts (Heath 2001). Rational choice theory portrays decision makers as systematically rummaging around appropriate and relevant information to make the best possible decision.
This essay will discuss the premises of rational choice theory, its implications on managerial decision making, and the validity of the argument that ‘individuals are rational and normally act as maximizing entrepreneurs’.
Rationality is revered in the Western world. A rational choice is one that arises in structured procedures and maximizes a value, regardless if it is marketability, controllability, reliability, efficiency, integrity, or any of numerous other values (Goodin 1998). Observance of any value requires upholding one alternative over another. According to rational choice theory there are major steps to making a rational decision (Allingham 2002). The endeavor is as crucial as the ultimate decision, due to the fact that each step affords an opportunity to re-evaluate the minimized and maximized values (Allingham 2002). The first step is problem definition. This entails identifying key variables under consideration and analyzing the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Rational choice theory Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1571960-rational-choice-theory
(Rational Choice Theory Essay Example | Topics and Well Written Essays - 1500 Words)
https://studentshare.org/miscellaneous/1571960-rational-choice-theory.
“Rational Choice Theory Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/miscellaneous/1571960-rational-choice-theory.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Rational choice theory

Rational Choice Theory

...?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. Critics of the rational choice paradigm generally indicate that their is no objective knowledge. This is key because if there is not such thing as objective knowledge, one cannot be said to arrive at a...
12 Pages(3000 words)Essay

Can Rational Choice Theory Explain Cyber Terrorism in the United States

...? Can rational choice theory explain cyber terrorism in the United s? Supervisor: Can rational choice theory explain cyber terrorism in the United States? Introduction Terrorism a contemporary issue in the society with past major attacks such as the New York’s September 11. It has been associated with political motives that aim at intimidating governments and organizations because of their actions or intended actions and sometimes with the aim of influencing decisions to be made by political forces. While traditional approach to terrorism involved physical attacks on property and people in whom the target political organizations have...
7 Pages(1750 words)Research Paper

Rational Choice Theory.What is rational in rational choice theory

...?TOPIC What is rational in Rational Choice Theory? Critically assess its applications. RATIONAL CHOICE THEORY INTRODUCTION The Rational Choice Theoryis 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. The factors which derive the utility vary from individual to individual. Rational Choice theory is derived from the theoretical approach of Microeconomics. The rationalizing...
10 Pages(2500 words)Essay

Rational Choice Theory and Irrational Decisions

...The present paper is devoted to the discussion of the rational choice theories as applied to the political science and international relations in particular. The aim of the work is to consider the assumption, that political science and international relations display a wide range of irrational decisions, which cannot be explained by the rational choice theory. 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...
8 Pages(2000 words)Essay

Investment Theory, Rational and Irrational

...Investment Theory, Rational and Irrational (Word Count: 2118) Prospect Theory " People tend to fear losses more than they value gains. A $ 1 loss is more painful than the pleasure of a $ 1 gain." (Ginyard 2001) Man is a rational animal, proclaimed Aristotle. While we may be rational, we are yet animals and not robots. In most of the choices we make throughout our life, in fact, irrationality seems to be more reflected in our decisions than rational calculated thinking. We may regret our decisions so frequently, and yet we manage to learn from our folly seldom. Human beings are constantly susceptible to a plethora of...
8 Pages(2000 words)Essay

The failure of the Arab leauge between Rational Choice Theory and neo-Functionalism

...The failure of the Arab league between Rational Choice Theory and neo- Functionalism International Relations deal with human behavior in the largest of all social groups: the international society. Hedley Bull (1977), one of the founders of ‘international society’ approach states that “The starting point of international relations is the existence of states, or independent political communities, each of which possesses a government and asserts sovereignty in relation to a particular portion of the earth’s surface and a particular segment of the human population”. International Relations theory is an intellectual...
10 Pages(2500 words)Essay

Rational Frame Theory

...Relational frame theory – a discussion Introduction: There are hundreds of languages and dialects in the world used by different societies, cultures, and nations. The primary purpose of language (and dialects) is to communicate emotions, ideas, thoughts, and knowledge. Due to the importance of language in a society, many theories have been developed over the years and also how individuals in a society use it for their own and collective purposes. All the advancements and developments that one sees in today’s world would not have been possible without language and communication. In other words, practically every field of human endeavor needs the use of language in one form or the other. This paper looks at...
6 Pages(1500 words)Essay

Rational-Emotive Behaviour Therapy Theory

...Rational-Emotive Behaviour Therapy Theory Capella PSF8106 - Epistemology of Practice Knowledge Dr. Peace Ezeogba-Odoemena February 12, 2012 Part – 1 Historical Developments The rational emotive theory has emerged over several years of development, also changing names in the process. The theory was initially called the rational therapy and rational emotional therapy, but was changed later and is now known as the Rational Emotive Behavior Therapy Theory (REBT) (Collard & OKelly, 2011). The theory was developed by the psychoanalyst Albert Ellis in 1956. The...
12 Pages(3000 words)Essay

Assess the strengths and weaknesses of Rational choice theory(RCT) as an analytic framework for politics and IR

...Strengths and weaknesses of Rational choice theory (RCT) as an analytic framework for politics and IR of the of the [Name of the Course] [Date] Strengths and weaknesses of Rational choice theory (RCT) as an analytic framework for politics and IR Introduction Rational Choice theory (RCT) is applied in the field of international relations and politics as the most influential paradigm for couple of decades. It has become popular and most discussed theory due to its claim to predict the political future of various issues. It has been in use as a scientific methodological...
6 Pages(1500 words)Essay

Behavioral economics/urban economics/game theory/rational choice

...). The book indicated that people’s behavior is usually affected by seemingly insignificant and small details. The Libertarian Paternalism’s power of these small details was also introduced in the book. This concept urges that people should have the freedom of choice. The paternalistic aspect claims that it is reasonable for the choice architects to influence the behavior of people so as to improve their life and health. Thaler and Sustein have defended their theory excellently through human’s psychological behavior which if it can be left un-nudged can adversely affect the well-being and health of people. They added that individuals who reject paternalism usually embrace the notion that...
4 Pages(1000 words)Book Report/Review
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!

Contact Us