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As the study of argument is of clear importance to the reasons that we hold things to be true, logic is of essential importance to rationality. Arguments may be logical if they are "conducted or assessed according to strict principles of validity", [1] while they are rational according to the broader requirement that they are based on reason and knowledge.
There are four primary assumptions about human nature that form the foundation of RCT as a model of economic rationalization: 1). the decisions and subsequent behavior of an individual are inherently rational as a result of accurately and logically factoring both the rewards and costs of the proposed choice; 2). the reward will logically and ...
Irrationality is cognition, thinking, talking, or acting without rationality.. Irrationality often has a negative connotation, as thinking and actions that are less useful or more illogical than other more rational alternatives.
Others think that any kind of rationality along the lines of rational choice theory is a useless concept for understanding human behavior; the term homo economicus (economic man: the imaginary man being assumed in economic models who is logically consistent but amoral) was coined largely in honor of this view.
Imagine there's a game where one person is placed in a room and assigned the role of the "sender." A second person in a different room is assigned the role of "receiver." The sender is given $20 ...
Logical reasoning is norm-governed in the sense that it aims to formulate correct arguments that any rational person would find convincing. The main discipline studying logical reasoning is logic . Distinct types of logical reasoning differ from each other concerning the norms they employ and the certainty of the conclusion they arrive at.
Rational irrationality is not doublethink and does not state that the individual deliberately chooses to believe something he or she knows to be false. Rather, the theory is that when the costs of having erroneous beliefs are low, people relax their intellectual standards and allow themselves to be more easily influenced by fallacious reasoning, cognitive biases, and emotional appeals.
Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.