Famous quotes with Rational choice

• Faith is an act of rational choice, which determines us to act as if certain things were true, and in the confident expectation that they will prove to be true.

  William Ralph Inge
• As conceived in this book, economics is the science of rational choice in a world─our world─in which resources are limited in relation to human wants. The task of economics, so defined, is to explore the implications of assuming that man is a rational maximizer of his ends in life, his satisfactions─what we shall call his “self-interest.” Rational maximization should not be confused with conscious calculation. Economics is not a thoery about consciousness. Behavior is rational when it conforms to the model of rational choice, whatever the state of mind of the chooser.(...) Nor is perfect rationality assumed; rational-choice thoery allows us to assume that rationality is “bounded” because of human cognitive limitations, although another way to think of those limitations is as costs of absorbing and using information.

  Richard Posner

Related words & questions

Related words: behavioral economics, hedonic calculus, epsilon theory, behavioral economics pdf, behavioral economics definition, behavioral psychology, behavioral science, behavioral decision theory, bounded rationality

Related questions:

What is rational choice theory?

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non-derivable

The word "non-derivable" refers to something that cannot be obtained through logical deduction or inference. Its antonyms include terms like "deducible," "inferable," and "derivabl...