Rational choice theory (RCT) theorists believe that most human decisions are based on maximizing a person's own benefits, while minimizing that which can hurt the individual, according to Business ...

Learn how behaviorists explain market inefficiencies through human psychology. Discover key concepts in behavioral economics and finance that challenge rational models.

Discover the Dollar Auction game, a fascinating paradox of rational choice theory, where bidding strategies can lead to surprising outcomes. Learn how it challenges logical decisions.

Drawn largely from Stark and Bainbridge's theory of religion, a modified rational choice model of religious behavior is presented and tested using data from the Institute of Statistical Mathematics in ...

A half-decade after the first systematic applications of prospect theory to international relations, scholars continue to debate its potential utility as a theoretical framework. Key questions include ...

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Whether deliberating about politics, the colors of a dress, or whether pineapple belongs on pizza, it’s hard not to be struck by how quickly and deeply people can become entrenched in their beliefs ...