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 ...

For years, economists and psychologists have argued about whether the standard model that economists use to explain how people make decisions is correct. It says that people make rational choices: ...

When evaluating 'rational' decision-making, however, economic theory tends to focus only on the expectation value perspective (also known as Expected Utility). Unfortunately, as Peters notes, many of ...

A recent article in Bloomberg describes how mathematical models behind modern economic theory (and, by extension behavioral economics) are being disputed and contested by a new perspective.