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rational choice

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decision [3] garbage can decision process [4] decision making as rule following [5] rationality [6] bounded rationality [7] decision making [8] localized problem solving [9]

Definition

See March, 1994, pp 2-3. A rational procedure is one that pursues a logic of consequences. It makes a choice conditional on the answers to four basic questions:

  1. The question of alternatives: What actions are possible?
  2. The question of expectations: What future consequences might follow from each alternative? How likely is each possible consequence, assuming that alternative is chosen?
  3. The question of preferences: How valuable (to the decision maker) are the consequences associated with each of the alternative?
  4. The question of the decision rule: How is a choice to be made among the alternatives in terms of the values of their consequences?

A rational framework is endemic to theories of human behavior.

Contrast with decision making as rule following.


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[1] https://managingresearchlibrary.org/knowledge/blog/lexicon [2] https://managingresearchlibrary.org/about [3] https://managingresearchlibrary.org/glossary/decision [4] https://managingresearchlibrary.org/glossary/garbage-can-decision-process [5] https://managingresearchlibrary.org/glossary/decision-making-as-rule-following [6] https://managingresearchlibrary.org/glossary/rationality [7] https://managingresearchlibrary.org/glossary/bounded-rationality [8] https://managingresearchlibrary.org/glossary/decision-making [9] https://managingresearchlibrary.org/glossary/localized-problem-solving