Michela Buttignol / Investopedia Rational choice theory assumes that individuals make informed decisions instead of random choices. Rational choice theory states that individuals seek to achieve ...

More than half a century ago, Herbert Simon (1957) argued that the goal of utility maximization, as formulated by rational choice theory, is nearly impossible to achieve in real life. He proposed ...

Rational choice is the fundamental assumption of market theory. It is a core idea in economics, the quintessential policy science, a discipline that follows its own efficiency precept by ...

His seminal 1991 book, “The Reasoning Voter,” applied the rational-choice theory of economics to voting. He argued that voters are public investors who “combine, in an economical way ...

Working from decision theory, rational choice theory, and her own novel mathematical results, Buchak draws a surprising conclusion: faith can sometimes be rational. For faith to be rational ...

Rational choice theory, since it tries to model the general behaviour of individuals within any particular society, can be used to explain wider phenomena across any society.