Bounded rationality

This essay provides different perspectives on rationality within social science, especially in economics and psychology. Also, this essay uses different theories in economics and psychology to show what causes us to do what we do or why we make choices that we make. Bloome & Wilkinson (2012) define rationality as “people being open to others’ arguments and working toward consensus”. But what rationality really mean in simple definition? Rationality is being reasonable depending on our believes or facts to make a better decision. According to Andrew (2013) “All economics models share the common assumption that individual behave rationally at all times and under all circumstances, seeking solely to further their own self-interest subject to…

The Michigan model of voter choice most prominently featured in the book The American Voter emphasises the role that social identity plays on our decisions made at the ballot box which we gain from our environment around us such as our parents’ political views. In this essay, I, will show why the Michigan model of voting offers an inadequate explanation for the way people vote and why I believe that the rational choice theory of voting specifically the altruistic theory of voting with a focus on…

What are the key elements of Rational Choice Theory? • Beeson and Firth (1998) ‘Neoliberalism as a political rationality: Australian public policy since the 1980’s’, Journal of Sociology, Vol 34. Pp 215-231 In Beeson and Firth’s article, I gain a further insight into the conception of liberalism and the implementation of rational choice theory, specifically focusing on economic gain and wealth. The authors thoroughly researched the introduction of liberalism in the 1900’s and the resurgence…

theory that lead to crime. Firstly, crime occurs when society removes the idealistic individuals ambitions and secondly, when society present individuals with negative environments or removes something of importance from the individuals which leads to the irrationality of the individual. Individual will then turn to crime for their aspiration to success. The second theory that will be used to analyze the issue is the rational choice theory. Rational choice theory explains that one will…

Many researchers have developed theories to seek out and explain why individuals continue to commit crime, where as, others completely desist from crime altogether. One of the most prominent and relevant theories to explain criminal behavior is known as the rational choice theory, which was first introduce by Cesare Beccaria in the late eighteenth century. Gabor et al., (1987) claimed that rational choice theory is, “…Found on the assumption that offenders are more or less rational in their…

make prudent choices and decisions which the view of maximizing their experience or satisfaction. At individual level, any decision arrived is meant to the highest self-interest and bring the greatest satisfaction to the decision maker. This subjective view of the reasons why individuals make decisions reduces the logicalness of any decision to an individual level. Ultimately, rationality and logicality is reduced to a subjective matter that differs from one individual to another. Such…

Rationality is a term that most people understand as making sensible decisions and choices based on facts and the amount information someone possess in a particular situation. However, in the world of economics and psychology this term can be assumed in two different contrasts. In economics, rationality can be defined as individuals making decisions based on their self-interest as well as maximising their utility. This is also mentioned by Edgeworth (1881 p.16) where he states ‘the first…

I rarely consulted with others, but when I did, I failed to listen to those with more experience. I was affected by perceptual biases including bounded awareness, as I ignored the advice of those who did not give me the answer I wanted, seeking approval and confirmation instead. In the future, I would try to make less emotional, impulsive decisions, and follow decision-making models in a step-by-step process in an effort to be more objective and maximise satisfaction (Gati, 2015). I would do…

Two core principles create the foundation for the OneState in Zamyatin’s We: the idea that humans are machines that need to be perfected, and the idea that rationality is the only correct way of thinking about the world. Both of these principles are not inherently evil or irrational, however, as the OneState takes their ideals to the extreme, their principles become less understandable and increasingly unreasonable. D-503’s use of mathematical language and the way he punctuates his record…

health and environmental hazards. Some things that are not efficient for customers are, sometimes it gets to busy, its somewhat handicap accessible but it could be better. When you walk through the door there is not enough space to get to the other door. McDonalds has a few things that portray illusion of fun. They have the play centers where kids can go play and parents can sit and eat. McDonalds also has prizes in the kid’s meal. McDonalds food is very unhealthy. It can make people extremely…