Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.[1]
Rationality, interpreted as "wanting more rather than less of a good",
is widely used as an assumption of the behavior of individuals in microeconomic
models and analysis and appears in almost all economics textbook
treatments of human decision-making. It is also central to some of
modern political science,[2] sociology,[3] and philosophy. It attaches "wanting more" to instrumental rationality,
which involves seeking the most cost-effective means to achieve a
specific goal without reflecting on the worthiness of that goal. Gary Becker was an early proponent of applying rational actor models more widely.[4] Becker won the 1992 Nobel Memorial Prize in Economic Sciences for his studies of discrimination, crime, and human capital.[5]
