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Choice That’s Rational

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  • Chatterjee, Sidharta

Abstract

In this paper, I discuss about the axiomatic basis of rational choice theory—the theory that is behind making rational choice and decisions. To make rational choices, we would require thinking rationally and understanding the reason and logic behind what makes a choice rational, and how we need to choose rationally. Decisions are made under various circumstances, i.e., under risk, and often under compulsion. In social choice theory, decisions are made by different types of decision making entities, i.e., committees, groups, individuals and collective judgments by various types of organizations, etc. This paper highlights these issues and addresses the fundamental tenets of making rational choices by examining and following the previous workings of experts on this field. As such, it introduces a novel concept and the idea of Social Choice Rationality in choosing what’s rational.

Suggested Citation

  • Chatterjee, Sidharta, 2022. "Choice That’s Rational," MPRA Paper 113880, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:113880
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    File URL: https://mpra.ub.uni-muenchen.de/113939/1/MPRA_paper_113939.pdf
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    References listed on IDEAS

    as
    1. Sen, Amartya K, 1977. "Social Choice Theory: A Re-examination," Econometrica, Econometric Society, vol. 45(1), pages 53-89, January.
    2. Allan M. Feldman & Roberto Serrano, 2006. "Welfare Economics and Social Choice Theory, 2nd Edition," Springer Books, Springer, edition 2, number 978-0-387-29368-4, January.
    3. Sen, Amartya, 1995. "Rationality and Social Choice," American Economic Review, American Economic Association, vol. 85(1), pages 1-24, March.
    4. Serge-Christophe Kolm, 1996. "Rational Just Social Choice," International Economic Association Series, in: Kenneth J. Arrow & Amartya Sen & Kotaro Suzumura (ed.), Social Choice Re-Examined, chapter 14, pages 167-196, Palgrave Macmillan.
    5. Daniel Kahneman & Amos Tversky, 2013. "Choices, Values, and Frames," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 16, pages 269-278, World Scientific Publishing Co. Pte. Ltd..
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Choice; decision making; rational choice; social choice theory; Social Choice Rationality; Social welfare; welfare actions;
    All these keywords.

    JEL classification:

    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • Z1 - Other Special Topics - - Cultural Economics

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