1. Pathologies Of Rational Choice Theory Pdf To Jpg Online
2. Pathologies Of Rational Choice Theory Pdf To Jpg File
3. Pathologies Of Rational Choice Theory Pdf To Jpg Pdf

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Rational choice theory (RCT) theorists believe that most human decisions are based on maximizing a person's own benefits, while minimizing that which can hurt the individual, according to Business Dictionary. Small business owners should consider adapting the theory of rational choice into their business models as it can help predict and explain future consumer spending decisions.

Pathologies Of Rational Choice Theory Pdf To Jpg Online

Image ch69fu1.jpg. The objective of medicine is to address people's unavoidable needs for emotional and physical healing. The discipline has evolved over. This latter theory underlies the practice of acupuncture, for example, which asserts that vital energy flow can be restored by placing needles at critical body points.

History

Adam Smith--who proposed the idea of an 'invisible hand' moving markets in the mid-1770's--usually gets credit as the father of rational choice theory, according to the Hartford Institute for Religion Research. Rational choice theory became the dominant economic theory in the late 1700s, and in the 1960s began to creep into other social sciences--especially the works of sociologists George C. Homans and Peter Blau.

Features

Rational choice theorists treat individual consumers or companies as the basic decision making units, according to according to Steve Green of Baylor University. In a RCT problem, the decisions of a single 'unit' are extrapolated for the entire demographic the individual represents. Once the actors in a RCT problem are known, their desires are ascertained to determine the most likely outcome. A consumer purchasing groceries, for example, needs to figure out how much he must spend to maximize his sustenance needs and wants; the seller must settle on a price that nets the most profit, either through pricing or volume.

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Uses

Small business could use RCT to predict the behavior of its consumers, according to Steve Green. A company that serves a community or demographic whose members have stable incomes, for example, can logically predict steady sales because a consumer with a stable income knows, with some certainty, his future income and spends more willingly than a person with a variable income, such as a farmer.

Criticism

Marxist theorists, who believe in ownership of business by the people, claim that the classes of society are the decision-makers--not individuals, as rational choice theory states. Theorists who subscribe to institutional thought, believe that institutions are the most important decision makers in society and that RCT oversimplifies the world. Advertising for, example, can influence a purchasing decision and override rational spending. In addition, economists like Herbert Simon critique the extensive mathematical computations of RCT as unrealistic; people generally cannot factor in the dozens of variables that go into making an economic decision.

Expert Insight

In the 'real' world, irrational outcomes can result from rational decisions, according to economist Tim Harford of the 'Financial Times.' Management and CEOs may make highly inflated salaries compared to their job duties, but this just acts as motivation for lower-level employees to work harder so they can attain a high paying, enviable position.

Effectuation Theory

Effectuation theorists believe in the total opposite of rational choice theory. In entrepreneurship, for example, RCT says that a person wanting to start a business would make the most rational and beneficial choices to get it off the ground, such as scouting a location and finding funding--essentially conforming to the market, according to International Institute for Management Development. An effectual person, instead, would attempt to start a business based on his expertise. Rather than finding a location for the business, the effectual entrepreneur might use an expertise in cooking to contract his services to a restaurant and build from there.

About the Author

Russell Huebsch has written freelance articles covering a range of topics from basketball to politics in print and online publications. He graduated from Baylor University in 2009 with a Bachelor of Arts degree in political science.

Photo Credits

• think of lots of things image by Gongea Alexandru from Fotolia.com

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