Explore how backward induction helps solve game theory problems by working from the end backward to determine optimal actions ...

Discover the concept of homo economicus, its origins, and why it's essential in economics. Explore its rational decision-making model and its limitations today.

The study of rationality and game theory explores the intricate processes through which individuals make decisions in environments of strategic interdependence. At its core, game theory provides a ...

Vol. 29, No. 4, Philosophical aspects of social choice theory and welfare economics (December 2007), pp. 683-701 (19 pages) Rationality's extension from individuals to groups yields collective ...

Kai Ryssdal: It may not be what you want to hear in the middle of the worst recession in 75 years, but the market? It has no idea what it’s doing. Believe it or not that’s a fairly recent discovery.

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 ...

This is a preview. Log in through your library . Abstract Edinburgh School's theory of natural rationality, enunciated to render symmetrical explanation plausible, thereby providing support for its ...

When Aristotle claimed that humans differ from other animals because they have the ability to be rational, he understood rational to mean that we could form our views and beliefs based on evidence, ...

Humans are often full of uncertainties as we face life’s daily challenges. A meteorologist might tell us there’s a 60% chance of snow today, or an economist might say she’s 40% certain that a stock ...