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[4]: 43–6 A recent study argues that his analysis provides legitimate means for restoring value-rational action as a permanent constraint on instrumental action. Weber's analysis shows [instrumental] scientific rationality to have much more in common with [value-rational] religious rationality than was previously believed.
(1) instrumentally rational (zweckrational), that is, determined by expectations as to the behavior of objects in the environment and of other human beings; these expectations are used as "conditions" or "means" for the attainment of the actor's own rationally pursued and calculated ends; (2) value-rational (wertrational), that is, determined ...
The rational choice model, also called rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith . [ 2 ]
Game theory is closely related to decision theory and the problem of rational choice. [7] [56] Rational choice is based on the idea that rational agents perform a cost-benefit analysis of all available options and choose the option that is most beneficial from their point of view. In the case of game theory, several agents are involved.
In a broad sense, value theory is a catch-all label that encompasses all philosophical disciplines studying evaluative or normative topics. According to this view, value theory is one of the main branches of philosophy and includes ethics, aesthetics, social philosophy, political philosophy, and philosophy of religion. [4]
Additionally, placing a focus on organisations rather than focusing on markets as neoclassical economics theory does, bounded rationality is also the basis for many other economics theories (e.g. organisational theory) as it emphasises that the "...performance and success of an organisation is governed primarily by the psychological limitations ...
The theory explained that in many cases, people resolve inconsistency between the intuitive and rational processes by using the latter for post-hoc justification of the former. Haidt, using the metaphor "the emotional dog and its rational tail", [5] applied such nature of our reasoning to the contexts ranging from person perception to politics.
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