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The Role of Values in Rational Choice Theory

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  • MICHAEL HECHTER

    (University of Arizona)

Abstract

Most empirical applications of rational choice employ a typical value assumption—that actors are motivated to pursue private and instrumental goods. When is this typical value assumption warranted, and when is it not? This article proposes guidelines for thinking about the use of value assumptions in rational choice theory. When instrumental and immanent values are substitutable, use of the typical value assumption is justifiable. However, in cases where there is imperfect substitutability—in which actors face production constraints, significant role conflict, or in which immanent values are nonrandomly distributed—the typical value assumption should be reexamined.

Suggested Citation

  • Michael Hechter, 1994. "The Role of Values in Rational Choice Theory," Rationality and Society, , vol. 6(3), pages 318-333, July.
    • Handle: RePEc:sae:ratsoc:v:6:y:1994:i:3:p:318-333
    DOI: 10.1177/1043463194006003003
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    3. Hechter, Michael, 2008. "The rise and fall of normative control," Accounting, Organizations and Society, Elsevier, vol. 33(6), pages 663-676, August.
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    5. Dewey, Matías, 2014. "Crisis and the emergence of illicit markets: A pragmatist view on economic action outside the law," MPIfG Discussion Paper 14/6, Max Planck Institute for the Study of Societies.
    6. Rudra Sil, 2000. "The Foundations of Eclecticism," Journal of Theoretical Politics, , vol. 12(3), pages 353-387, July.
    7. Nuno Garoupa, 1997. "The role of moral values in the economic analysis of crime: A general equilibrium approach," Economics Working Papers 245, Department of Economics and Business, Universitat Pompeu Fabra.
    8. John H. Goldthorpe, 1997. "The Integration Of Sociological Research And Theory," Rationality and Society, , vol. 9(4), pages 405-426, November.
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    10. Mads Meier Jæger, 2007. "Economic and Social Returns To Educational Choices," Rationality and Society, , vol. 19(4), pages 451-483, November.
    11. Eric H. Rambo, 1999. "Symbolic Interests And Meaningful Purposes," Rationality and Society, , vol. 11(3), pages 317-342, August.
    12. Walter Korpi, 2001. "Contentious Institutions," Rationality and Society, , vol. 13(2), pages 235-283, May.
    13. Korpi, Walter, 2000. "Contentious Institutions: An Augmented Rational-Actor Analysis of the Origins and Path Dependency of Welfare State Institutions in the Western Countries," Working Paper Series 4/2000, Stockholm University, Swedish Institute for Social Research.
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