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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 the 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. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand.
Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. Along with John Hicks, he won the Nobel Memorial Prize in Economic Sciences in 1972.
Bounded rationality is the idea that rationality is limited when individuals make decisions, and under these limitations, rational individuals will select a decision that is satisfactory rather than optimal.
James Gardner March was an American political scientist, sociologist, and economist. A professor at Stanford University in the Stanford Graduate School of Business and Stanford Graduate School of Education, he is best known for his research on organizations, his seminal work on A Behavioral Theory of the Firm, and the organizational decision making model known as the Garbage Can Model.
The planning fallacy is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed. This phenomenon sometimes occurs regardless of the individual's knowledge that past tasks of a similar nature have taken longer to complete than generally planned. The bias affects predictions only about one's own tasks. On the other hand, when outside observers predict task completion times, they tend to exhibit a pessimistic bias, overestimating the time needed. The planning fallacy involves estimates of task completion times more optimistic than those encountered in similar projects in the past.
Jon Elster is a Norwegian philosopher and political theorist who holds the Robert K. Merton professorship of Social Science at Columbia University and since 2005 professor of social science at the Collège de France.
Michael E. Bratman is an American philosopher who is Durfee Professor in the School of Humanities & Sciences and Professor of Philosophy at Stanford University.
Keith Martin Dowding is a Professor of Political Science and Political Philosophy at the Australian National University's School of Politics and International Relations. He was in the Government Department at the London School of Economics in 2006, and has published in the fields of public administration and policy, political theory, and urban political economy. His work is informed by social and rational choice theories. He edited the SAGE Publishing Journal of Theoretical Politics from 1996 to 2012.
Kenneth George "Ken" Binmore, is an English mathematician, economist, and game theorist, a Professor Emeritus of Economics at University College London (UCL) and a Visiting Emeritus Professor of Economics at the University of Bristol. As a founder of modern economic theory of bargaining, he made important contributions to the foundations of game theory, experimental economics, evolutionary game theory and analytical philosophy. He took up economics after holding the Chair of Mathematics at the London School of Economics. The switch has put him at the forefront of developments in game theory. His other interests include political and moral philosophy, decision theory, and statistics. He has written over 100 scholarly papers and 14 books.
Bent Fuglede was a Danish mathematician.
Rationality and Power: Democracy in Practice is a 1998 book by Bent Flyvbjerg, published by the University of Chicago Press. The book focuses on "the application of critical theory to urban and community development". Flyvbjerg here deploys the methodology for doing social science, which he developed in Making Social Science Matter (2001).
Cristina Bicchieri is an Italian–American philosopher. She is the S.J.P. Harvie Professor of Social Thought and Comparative Ethics in the Philosophy and Psychology Departments at the University of Pennsylvania, professor of Legal Studies in the Wharton School, and director of the Master in Behavioral Decision Sciences program and the Philosophy, Politics and Economics program. She has worked on problems in the philosophy of social science, rational choice and game theory. More recently, her work has focused on the nature and evolution of social norms, and the design of behavioral experiments to test under which conditions norms will be followed. She is a leader in the field of behavioral ethics and is the director of the Center for Social Norms and Behavioral Dynamics at the University of Pennsylvania.
Katherine Richardson Christensen is Professor in Biological Oceanography, leader of the Sustainability Science Centre and a researcher for the Center for Macroecology, Evolution and Climate at the University of Copenhagen. She was the vice dean of the Faculty of Science from 2007–2012. Her research focuses on the importance of biological processes in the ocean for the uptake of carbon dioxide from the atmosphere and how ocean biology, including diversity, contributes to ocean function in the Earth System.
Peter Fibiger Bang is a Danish historian of Rome, empire, cross-cultural comparison and world history. Bang's main research interests are Roman economic history and imperial power, historical sociology and world history, as well as the reception of Classical culture in later ages.
Nicolai Juul Foss is a Danish organizational theorist, and scholar of entrepreneurship and strategy. He is currently a professor at the Copenhagen Business School where he has spent most of his career. Foss' main contribution to organization theory is through the micro-foundational perspective in organization theory and management—examining how individual behaviors aggregate to affect the behavior of larger groups and organizations. He was created a Knight of the Order of the Dannebrog in 2015.
Megaprojects and Risk: An Anatomy of Ambition is a 2003 book by Bent Flyvbjerg, Nils Bruzelius, and Werner Rothengatter, published by Cambridge University Press.
Eldar Shafir is an American behavioral scientist, and the co-author of Scarcity: Why Having Too Little Means So Much. He is the Class of 1987 Professor in Behavioral Science and Public Policy; Professor of Psychology and Public Affairs at Princeton University Department of Psychology and the Princeton School of Public and International Affairs, and Inaugural Director of Princeton’s Kahneman-Treisman Center for Behavioral Science and Public Policy.
Making Social Science Matter: Why Social Inquiry Fails and How It Can Succeed Again is a 2001 book by Bent Flyvbjerg, published by Cambridge University Press. The author is critical of social sciences to the extent they try to emulate natural science. First, he argues that social sciences have failed as science, that is, in producing predictive theory. Second, he develops an argument that in order to matter again, social sciences must model themselves after phronesis. Finally, he develops methodological guidelines and shows practical examples of how a phronetic social science may be employed for research purposes.
Peter Mark Pruzan is a Danish organizational theorist, management consultant, and Emeritus Professor of Systems Science at the Department of Management, Politics & Philosophy at the Copenhagen Business School (CBS) in Denmark. Pruzan is known for work on corporate governance and values-based leadership. He became a naturalized Danish citizen in 1973.
Roland Werner Scholz is a German mathematician, psychologist, and Professor Emeritus of Environmental Systems Science at ETH Zurich. He famously coined the terms transdisciplinarity and societal didactics.
References
- 1 2 "Bent Flyvbjerg".
- ↑ "Bent Flyvbjerg". Said Business School, University of Oxford. Archived from the original on 2018-04-12. Retrieved 2016-04-02.
- ↑ "Professor Bent Flyvbjerg - University of Oxford". www.ox.ac.uk.
- ↑ "Infrastrukturkommissionens betænkning - Transportministeriet". www.trm.dk. Archived from the original on 2015-12-22. Retrieved 2015-12-21.
- ↑ "Med en "bestyrers" øjne". Danmarks Domstole (20). December 2003. Archived from the original on 2016-03-04. Retrieved 2016-04-02.
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