Economics Dictionary of ArgumentsHome
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| Rational choice: Rational choice in economics is the idea that individuals make decisions by weighing the costs and benefits of each option and choosing the option that they believe will maximize their own utility. Rational choice theory is based on the assumption that individuals are rational actors who are motivated by self-interest. See also Rationality, Utility, Benefit, Actions, Action theory._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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John Rawls on Rational Choice - Dictionary of Arguments
I 411 Rational decision/Rawls: the relevant characteristics of a person's situation are identified by the principles of rational decision, most strongly by those that have a short-term impact. Principles of rational decision: 1. the principle of efficient means. I 412 We choose those who achieve the goal in the best way, especially with the least effort. 2. Principle: the one of several possible plans is preferable, which allows for further goals in addition to the achievable goals(1). >Planning/Rawls, >Principles/Rawls. 3. Principle of greater probability (likelihood): from two similar plans we should choose the one with the greater chance of realization. I 413 These assumptions apply to short-term plans. What about long-term plans? It looks as if extremely long-term decisions, such as career choice for example, are culture-dependent. However, the fact that we all have to make such decisions is culturally independent. >Decisions, >Decision theory, >Cultural relativism. 1. See R. B. Perry General Theory of Value (New York, 1926), pp. 645-649._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Rawl I J. Rawls A Theory of Justice: Original Edition Oxford 2005 |
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