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Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand.
Vernon Lomax Smith is an American economist and professor of business economics and law at Chapman University. He is formerly a professor of economics at the University of Arizona, professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith shared the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics. He worked to establish 'laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms'.
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George Arthur Akerlof is an American economist who is a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley. Akerlof was awarded 2001 Nobel Memorial Prize in Economic Sciences, jointly with Michael Spence and Joseph Stiglitz, "for their analyses of markets with asymmetric information."
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Bruce James Chapman is an Australian economist and academic known for being the founder or architect of the HECS system. HECS is the Higher Education Contribution Scheme loans system. He is currently a professor at the College of Business and Economics, Australian National University. In 2001, he became a Member of the Order of Australia (AM), "for service to the development of Australian economic, labour market and social policy". In 2017, Professor Chapman was appointed the inaugural Sir Roland Wilson Chair of Economics.
Gary Charness is Professor of Economics and the Director of the Experimental and Behavioral Economics Laboratory in the Department of Economics at the University of California, Santa Barbara. Charness is an economist and social scientist, specializing in experimental and behavioral work; he is currently ranked 3rd in the world by RePEc in the field of experimental economics and has published nearly 80 academic articles. Charness is a contributor to several areas of economic research, including social preferences, identity and group membership, communication and beliefs, behavioral interventions, group decision-making, social networks, gender, and individual decision-making. A centerpiece of his research has been to effect beneficial social outcomes in difficult economic environments. Charness's work has been discussed and published in The New York Times and Science, as well as in other media. Charness is married and has three children.
Urs Fischbacher is a Swiss economist and professor of applied economic research at the University of Konstanz. He is director of the Thurgau Economic Institute, an affiliated institute of the University of Konstanz. He pioneered the field of software tools for experimental economics.
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References
- ↑ [ permanent dead link ]
- ↑ "Bart's World @ Chapman University".
- ↑ "Oxford Libertarian Society". Archived from the original on 2011-10-16. Retrieved 2010-11-04.
- ↑ Wilson, Bart J. (1 January 2010). "Social preferences aren't preferences". Journal of Economic Behavior & Organization. 73 (1): 77–82. doi:10.1016/j.jebo.2008.09.013 – via RePEc - IDEAS.
- ↑ Kimbrough, Erik O.; Smith, Vernon L.; Wilson, Bart J. (1 January 2008). "Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade". American Economic Review. 98 (3): 1009–1039. doi:10.1257/aer.98.3.1009. S2CID 17763407 – via RePEc - IDEAS.
- ↑ Wilson, Bart (1 January 1998). "What Collusion? Unilateral Market Power as a Catalyst for Countercyclical Markups". Experimental Economics. 1 (2): 133–145. doi:10.1023/A:1009972125288 – via RePEc - IDEAS.
- ↑ "#PCBS2019 - Prague Conference on Behavioral Sciences 2019 | CEBEX". Center for Behavioral Experiments (CEBEX). Retrieved 2019-01-15.
- ↑ Wilson, Bart J. (2020-08-25). The Property Species: Mine, Yours, and the Human Mind. Oxford, New York: Oxford University Press. ISBN 978-0-19-093679-2.
- ↑ "The Property Species: Mine, Yours, and the Human Mind by Bart J. Wilson". The Objective Standard. 2020-11-04. Retrieved 2021-04-06.
