Choice That’s Rational

Sidharta Chatterjee

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper, I discuss about the axiomatic basis of rational choice theory—the theory that is behind making rational choice and decisions. To make rational choices, we would require thinking rationally and understanding the reason and logic behind what makes a choice rational, and how we need to choose rationally. Decisions are made under various circumstances, i.e., under risk, and often under compulsion. In social choice theory, decisions are made by different types of decision making entities, i.e., committees, groups, individuals and collective judgments by various types of organizations, etc. This paper highlights these issues and addresses the fundamental tenets of making rational choices by examining and following the previous workings of experts on this field. As such, it introduces a novel concept and the idea of Social Choice Rationality in choosing what’s rational.

Keywords: Choice; decision making; rational choice; social choice theory; Social Choice Rationality; Social welfare; welfare actions (search for similar items in EconPapers)
JEL-codes: I3 Z1 (search for similar items in EconPapers)
Date: 2022-07-25
New Economics Papers: this item is included in nep-cbe, nep-cdm, nep-hme, nep-hpe and nep-upt
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https://mpra.ub.uni-muenchen.de/113939/1/MPRA_paper_113939.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:113880

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