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The basic assumptions of rational choice theory do not take into account external factors (social, cultural, economic) that interfere with autonomous decision-making. Representatives of the biopolitical paradigm such as Michel Foucault drew attention to the micro-power structures that shape the soul, body and mind and thus top-down impose ...
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 should behave rationally under uncertainty. [1][2] It differs from the cognitive and behavioral sciences in that it is prescriptive and concerned with ...
Economics. In decision theory, the von Neumann–Morgenstern (VNM) utility theorem demonstrates that rational choice under uncertainty involves making decisions that take the form of maximizing the expected value of some cardinal utility function. This function is known as the von Neumann–Morgenstern utility function.
Bounded rationality is a central theme in behavioral economics. It is concerned with the ways in which the actual decision-making process influences decision. Theories of bounded rationality relax one or more assumptions of standard expected utility theory. [citation needed]
The concept of bounded rationality complements the idea of rationality as optimization, which views decision-making as a fully rational process of finding an optimal choice given the information available. [4] Therefore, bounded rationality can be said to address the discrepancy between the assumed perfect rationality of human behaviour (which ...
Politics portal. v. t. e. Rational choice (also termed rationalism) is a prominent framework in international relations scholarship. Rational choice is not a substantive theory of international politics, but rather a methodological approach that focuses on certain types of social explanation for phenomena. [1]
The rational actor model is based on rational choice theory. The model adopts the state as the primary unit of analysis, and inter-state relations (or international relations) as the context for analysis. The state is seen as a monolithic unitary actor, capable of making rational decisions based on preference ranking and value maximization.
Emotional choice theory is a unitary action model to organize, explain, and predict the ways in which emotions shape decision-making. One of its main assumptions is that the role of emotion in choice selection can be captured systematically by homo emotionalis. The theory seeks to lay the foundation for an affective paradigm in the political ...