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Value-rational action appeared as "normatively regulated". [2]: II:168–74 [9] [10]: 63–4 In later works he distinguished the two kinds of action by motives. Instrumental action has "nonpublic and actor-relative reasons," and value-rational action "publicly defensible and actor-independent reasons". [11]
(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 ...
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.
The mythological judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
A theory is a rational type of abstract thinking about a phenomenon, or the results of such thinking. The process of contemplative and rational thinking is often associated with such processes as observational study or research. Theories may be scientific, belong to a non-scientific discipline, or no discipline at all
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 study of ethical value is also included in value theory. In addition, values have been studied in various disciplines: anthropology , behavioral economics , business ethics , corporate governance , moral philosophy , political sciences , social psychology , sociology and theology .
In sociology, the term rationalization was coined by Max Weber, a German sociologist, jurist, and economist. [1] Rationalization (or rationalisation) is the replacement of traditions, values, and emotions as motivators for behavior in society with concepts based on rationality and reason. [2]