Question
Download Solution PDFFrom the following list, identify those which are relevant for the theory of rational choice:
(a) Aggregation of social behaviour
(b) Random behaviour
(c) Determinants of behaviour
(d) Prediction of behaviour
(e) Study of interest groups
(f) Behaviour problems associated with information
Indicate your answer from the codes. Select the correct option:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFRational choice theory
- The rational choice theory states that individuals use rational calculations to make rational choices and achieve outcomes that are in their own personal objectives.
- Rational choice theory is based on the premise of individual self-interested utility maximization.
- Rational choice theory is expected to result in outcomes that provide people with the greatest benefit and satisfaction.
- It is generally used for understanding and often formally modeling social and economic behavior.
- Individuals use their self-interests to make choices that will provide them with the greatest benefit.
- Rational choice theory is the most serious attempt to fully acknowledge the normativity that is crucial to intentional explanation, and the subjective meanings that play their indispensable role in behavioral and attitudinal rationality.
- It is assumed that individuals weigh their options and make the choice they think will serve them best.
The following are relevant for the theory of rational choice:
- Aggregation of social behavior.
- Study of interest groups.
- Prediction of behavior.
- Determinants of behavior.
Therefore, Rational choice theory is relevant to the aggregation of social behavior, studying the interest group, prediction of their behavior, and determination of behavior.
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