What is it about?
The rational choice theory has been traditionally used as a tool to explain differences/changes in behavior on the aggregate level. In particular, rational choice is not interpreted as a decision procedure. This interpretation of the rational choice theory is compatible with behavioral economics, which focuses on actual decision procedures.
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Why is it important?
The paper shows how rational choice theory and behavioral economics can complement each other.
Perspectives
In my view, behavioral economics research often presents interesting findings combined with a misinterpretation of the rational choice theory. In this paper, I attempt to find a fruitful relationship between the behavioral and the rational choice approaches.
Marek Hudik
Faculty of Business Administration, University of Economics, Prague
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This page is a summary of: Two interpretations of the rational choice theory and the relevance of behavioral critique, Rationality and Society, August 2019, SAGE Publications,
DOI: 10.1177/1043463119869007.
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