Jonathan W

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An Introduction to Choice Theory: are Humans Really “Rational Actors?"

Posted by Jonathan W on 3/23/18 4:07 PM

If you are a student of economics, one of the first axioms you are instructed to adapt is that everyone should be considered a “rational actor.” What this means is that all people who take part in economic decisions and transactions are informed by self-interest and do so in a manner that maximizes their potential self-benefit.  This is essential to understanding choice theory.

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Tags: economics