Economics Dictionary of Arguments

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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.

Author Concept Summary/Quotes Sources

Daniel Kahneman on Rational Choice - Dictionary of Arguments

Mause I 63f
Rational-Choice/Behavioral Economics/Kahneman: An economic theory that follows the rational choice approach needs fewer axioms.
Such a theory is simpler overall. However, new theoretical building blocks are always needed in order to better explain lifeworld situations. This path is followed by Behavioral Economics, which empirically analyses systematic cognitive bias in the processing of information (Kahneman 2012 (1); Camerer et al. 2003 (2);
State of research: Wittek(3), Oppenheimer(4).

Rational Choice/New Development: the theory has been reinterpreted as a normative theory, because it tells us how to behave if we want to maximize our benefits. Thus it is no longer tautological like the descriptive variant.
>VsRational Choice.
Politics: The idea that both parties and voters are benefit maximizing and democracy has no intrinsic value is one of the central assumptions of (almost) all rational-choice-inspired democracy theories and election analyses.

1. D Kahneman, Schnelles Denken, langsames Denken. München 2012.
2. Camerer, Colin F., George Loewenstein, und Matthew Rabin, Hrsg.. Advances in behavioral economics. Princeton 2003.
3. Wittek, Rafael, Tom Snijders und Victor Nee, Hrsg. The handbook of rational choice social research. Stanford 2013
4. Oppenheimer, Joe. Principles of politics. Cambridge 2012.

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.

EconKahne I
Daniel Kahneman
Schnelles Denken, langsames Denken München 2012

Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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