Petko Miran


One of the fundamental theories in Economics, namely the Rational Choice Theory, is seriously questioned these days. A lot of examples of irrational behavior have been provided, and a Nobel Prize was awarded for the achievements in the field. Yet, a careful scrutiny of these instances shows that, in most of the cases, the light of rationality shines through the observed irrational behavior. A hypothesis in the partial support of the Rational Choice Theory is proposed. It takes into account the subject’s understandings, attitude and information in describing a choice as rational or irrational. Therefore, one and the same activity could be considered as perfectly rational, as well as perfectly irrational at the same time.


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