In this synopsis I intend to analyse the rational choice model and its relevance in economic theory, using the utility theory as an example. Firstly I will define and explain rational choice and then introduce utility theory. From there I will move on to outlining some of the major criticisms of the rational choice model. Rational choice is a psychological model directed at testing and analysing the rationality of individuals decisions. It was introduced to …showed first 75 words of 1373 total…

…showed last 75 words of 1373 total…Herbert A., (1978) Rationality as a process and as product of thought, American Economic Review, 68(2): 1-16 19)Weber, Max., (1978) Economy and Society, University of California Press, Berkeley (Ca, USA) 20)Weber, Max., (1968) Gesammelte Aufsätze zur Wissenschaftslehre, 3rd edition, J. C. B. Mohr: Tübingen (Ger) 21)Zafirowski, M., (2000) Extending the rational choice model from the economy to society, Economy and Society, 29: 181-206 22)Zey, Mary., (1998) Rational choice theory and organisational theory: a critique, Sage Publication: Thousand Oaks (Ca, USA)