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Rational Choice

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Author Info

  • Itzhak Gilboa

    ()
    (Tel Aviv University)

Abstract

This book offers a rigorous, concise, and nontechnical introduction to some of the fundamental insights of rational choice theory. It draws on formal theories of microeconomics, decision making, games, and social choice, and on ideas developed in philosophy, psychology, and sociology. Itzhak Gilboa argues that economic theory has provided a set of powerful models and broad insights that have changed the way we think about everyday life. He focuses on basic insights of the rational choice paradigm—the general conceptualization rather than a particular theory—that survive recent (and well-justified) critiques of economic theory's various failures. Gilboa explains the main concepts in language accessible to the nonspecialist, offering a nonmathematical guide to some of the main ideas developed in economic theory in the second half of the twentieth century. Chapters cover feasibility and desirability, utility maximization, constrained optimization, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions. Online appendixes offer a survey of relevant mathematical concepts, a rigorous exposition of the formal models described in the book, exercises and problems, and solutions. These materials are useful supplements to the book for classroom use.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262014009 and published in 2010.

Volume: 1
Edition: 1
ISBN: 0-262-01400-9
Handle: RePEc:mtp:titles:0262014009

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Web page: http://mitpress.mit.edu

Related research

Keywords: rational choice; economic theory; feasibility; desirability; utility maximization; constrained optimization; expected utility; probability; statistics; aggregation of preferences; games; equilibria; free markets; rationality; emotions;

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Cited by:
  1. K. Vela Velupillai, 2011. "The Fundamental Theorems of Welfare Economics, DSGE and the Theory of Policy - Computable & Constructive Foundations," ASSRU Discussion Papers, ASSRU - Algorithmic Social Science Research Unit 1125, ASSRU - Algorithmic Social Science Research Unit.
  2. David Fritz & Nabil Ibrahim, 2010. "The Impact of Leadership Longevity on Innovation in a Religious Organization," Journal of Business Ethics, Springer, Springer, vol. 96(2), pages 223-231, October.
  3. Dawood Mamoon & S. Murshed, 2010. "The conflict mitigating effects of trade in the India-Pakistan case," Economics of Governance, Springer, Springer, vol. 11(2), pages 145-167, April.
  4. K. Vela Velupillai, 2011. "Foley's Thesis, Negishi's Method, Existence Proofs and Computation," ASSRU Discussion Papers, ASSRU - Algorithmic Social Science Research Unit 1124, ASSRU - Algorithmic Social Science Research Unit.
  5. Brian Lee & Paul Waddell, 2010. "Residential mobility and location choice: a nested logit model with sampling of alternatives," Transportation, Springer, Springer, vol. 37(4), pages 587-601, July.
  6. K. Vela Velupillai, 2011. "DSGE And Beyond – Computable And Constructive Challenges," ASSRU Discussion Papers, ASSRU - Algorithmic Social Science Research Unit 1122, ASSRU - Algorithmic Social Science Research Unit.
  7. Stephan Marette & Jutta Roosen & Sandrine Blanchemanche, 2011. "The Combination of lab and field experiments for benefit-cost analysis," Working Papers 40757, Institut National de la Recherche Agronomique, France.
  8. Christos Zografos & Richard B. Howarth, 2010. "Deliberative Ecological Economics for Sustainability Governance," Sustainability, MDPI, Open Access Journal, vol. 2(11), pages 3399-3417, October.
  9. K. Vela Velupillai, 2011. "Computable and Dynamical Systems Foundations of Bounded Rationality and Satisficing," ASSRU Discussion Papers, ASSRU - Algorithmic Social Science Research Unit 1116, ASSRU - Algorithmic Social Science Research Unit.

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