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In recent years the theoretical vision of rational choice theory has been subject to more and more doubt by the experimental results of behavioral economics.
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This led to the development of prospect theory as an alternative to rational choice theory.
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Arguably, one of the greatest threats to the area studies project was the rise of rational choice theory in political science and economics.
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These rules work well under most circumstances, but they can lead to systematic deviations from logic, probability or rational choice theory.
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Approaches include positivism, interpretivism, rational choice theory, behavioralism, structuralism, post-structuralism, realism, institutionalism, and pluralism.
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These assumptions provide the backbone for rational choice theory.
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These properties can be derived from reasonable assumptions that are generally accepted by economists and decision theorists, especially proponents of rational choice theory.
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See rational choice theory and rational expectations for further discussion; the article on rationality widens the discussion.
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Rational choice theory encompasses the notion that people try to maximize benefits while minimizing costs.
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Theories of social exchange share many essential features with classical economic theories like rational choice theory.
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