P - 365 - 1 - 1 ■ a Behavioral Model Ok Rational Choice
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Rational Choice Theory: A Cultural Reconsideration
Economists have heralded the formulation of the expected utility theorem as a universal method of choice under uncertainty. In their seminal paper, Stigler and Becker (Stigler & Becker, 1977) declared that “human behavior can be explained by a generalized calculus of utility-maximizing behavior” (p.76). The universality of the rational choice theory has been widely criticized by psychologists, ...
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Motivated by the empirical findings concerning the importance of one’s current situation on her choice behavior, the main objective of this paper is to propose a rational choice theory that allows for the presence of a status quo bias, and that incorporates the standard choice theory as a special case. We follow a revealed preference approach, and obtain two nested models of rational choice tha...
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Jolls, Sunstein, and Thaler wish to use the insights of behavioral economics to improve economic analysis of law, which they believe to be handicapped by its commitment to the assumption that people are rational.1 The editors of the Review have asked me to comment on JST's paper, no doubt because of my identification with rational-choice economics. Since JST complain with some justice that econ...
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Traditional environmental and resource economics uses rational choice theory to guide theevaluation of alternative policy options to correct market failure. Behavioral economics,however, has challenged this conventional mindset by showing how people frequently makechoices and state values that deviate from the presumption of rationality, i.e., behavioralfailures. This article ex...
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In Ok, the rational prime 2 has the principal prime factorization (2) = ( 3 √ 2)3, so k has class number 1: the ring Ok has unique factorization. Next we show Ok = Z[ 3 √ 2]. Let α = a+b 3 √ 2+c 3 √ 4 be an algebraic integer, with a, b, c all rational. Computing Trk/Q of α, α 3 √ 2, and α 3 √ 4 we see 3a, 6b, 6c ∈ Z. So the denominators of a, b, and c involve at most 2 and 3. To show 2 and 3 do...
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