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Rational Choice Theory is perhaps one of the best known methodological approaches to the explanation of individual action. In this essay I hope to outline Rational Choice Theory and discuss certain areas of weakness in this theory.
Rational choice theory is based on the idea that individuals act for a particular purpose, that is to maximize their utility. In its simplest form rational choice theory states that given a number of options people do what they believe is likely to have the best overall outcome.
Rational choices involve three distinct processes. ... When driving a car which has lost its breaks, it is useless for the rational actor to spend time deliberating on his action as there is simply not the time to make a choice, based on the careful analysis of the outcome of each mode of action. Time will play a crucial role in choice situations, especially if the consequences of actions are spread out over time. One choice may yield immediate gains, the alternative a larger but delayed benefit. Therefore to choose between the two, the rational agent must have a justified method of comparing the benefits of alternatives that have different temporal patterns.
Approximate Word count = 876
Approximate Pages = 3.5
(250 words per page double spaced)
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