Suchergebnisse

Rational-choice theory is the economic study of nonmarket decision making. The methodology of rational-choice is that of economics: methodological individualism, rationality, & Pareto efficiency. Rational-choice theory is a generic title for four different decision-making theories: collective action, public choice, social choice, & game theory. The distinction between these decision-making theories is the result of the development of the concept of rationality in classical & neoclassical economic theory. For nonmarket decisions (in contrast to market decisions), the economic criterion of Pareto efficiency is not attainable if individuals are behaving as rational utility maximizers. This is one of the main problems for rational-choice theory, described by the prisoner's dilemma game. Several solutions of this dilemma have been suggested, but none can be accepted as conclusive. It is asserted here that the methodological point of departure of rational-choice theory prohibits a solution for the dilemma, because the crux of the economic approach consists in the realization that it is impossible to attain the Pareto optimal. 3 Figures, 1 Schema, 48 References. Modified HA