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.
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science." Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents and their interactions, which can be represented in a number of ways—using standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.
Independence of irrelevant alternatives (IIA), also known as binary independence, the independence axiom, is an axiom of decision theory and economics describing a necessary condition for rational behavior. The axiom says that a choice between and should not depend on the quality of a third, unrelated outcome .
Participatory democracy, participant democracy, participative democracy, or semi-direct democracy is a form of government in which citizens participate individually and directly in political decisions and policies that affect their lives, rather than through elected representatives. Elements of direct and representative democracy are combined in this model.
Rational ignorance is refraining from acquiring knowledge when the supposed cost of educating oneself on an issue exceeds the expected potential benefit that the knowledge would provide.
Applied philosophy is a branch of philosophy that studies philosophical problems of practical concern. The topic covers a broad spectrum of issues in environment, medicine, science, engineering, policy, law, politics, economics and education. The term was popularised in 1982 by the founding of the Society for Applied Philosophy by Brenda Almond, and its subsequent journal publication Journal of Applied Philosophy edited by Elizabeth Brake. Methods of applied philosophy are similar to other philosophical methods including questioning, dialectic, critical discussion, rational argument, systematic presentation, thought experiments and logical argumentation.
Technocracy is a form of government in which the decision-makers are selected based on their expertise in a given area of responsibility, particularly with regard to scientific or technical knowledge. Technocracy follows largely in the tradition of other meritocracy theories and assumes full state control over political and economic issues.
Noocracy is an ideal type of government where decisions are delegated to those deemed wisest. The idea is classically advanced, among others, by Plato, al-Farabi and Confucius.
David Schmidtz is a Canadian-American philosopher. He is Presidential Chair of Moral Science at West Virginia University's Chambers College of Business and Economics. He is also editor-in-chief of the journal Social Philosophy & Policy. Previously, he was Kendrick Professor of Philosophy and Eller Chair of Service-Dominant Logic at the University of Arizona. While at Arizona, he founded and served as inaugural head of the Department of Political Economy and Moral Science.
Allan Fletcher Gibbard is the Richard B. Brandt Distinguished University Professor of Philosophy Emeritus at the University of Michigan, Ann Arbor. Gibbard has made major contributions to contemporary ethical theory, in particular metaethics, where he has developed a contemporary version of non-cognitivism. He has also published articles in the philosophy of language, metaphysics, and social choice theory: in social choice, he first proved the result known today as Gibbard-Satterthwaite theorem, which had been previously conjectured by Michael Dummett and Robin Farquharson.
An Economic Theory of Democracy is a treatise of economics written by Anthony Downs, published in 1957. The book set forth a model with precise conditions under which economic theory could be applied to non-market political decision-making. It also suggested areas of empirical research that could be tested to confirm the validity of his conclusions in the model. Much of this offshoot research eventually became integrated into public choice theory. Downs' theory abstains from making normative statements about public policy choices and instead focuses on what is rational, given the relevant incentives, for government to do.
The paradox of voting, also called Downs' paradox, is that for a rational, self-interested voter, the costs of voting will normally exceed the expected benefits. Because the chance of exercising the pivotal vote is minuscule compared to any realistic estimate of the private individual benefits of the different possible outcomes, the expected benefits of voting are less than the costs.
The Myth of the Rational Voter: Why Democracies Choose Bad Policies is a 2007 book by the economist Bryan Caplan, in which the author challenges the idea that voters are reasonable people whom society can trust to make laws. Rather, Caplan contends that voters are irrational in the political sphere and have systematically biased ideas concerning economics.
Criticism of democracy, or debate on democracy and the different aspects of how to implement democracy best have been widely discussed. There are both internal critics and external ones who reject the values promoted by constitutional democracy.
The concept known as rational irrationality was popularized by economist Bryan Caplan in 2001 to reconcile the widespread existence of irrational behavior with the assumption of rationality made by mainstream economics and game theory. The theory, along with its implications for democracy, was expanded upon by Caplan in his book The Myth of the Rational Voter.
The altruism theory of voting is a model of voter behavior which states that if citizens in a democracy have "social" preferences for the welfare of others, the extremely low probability of a single vote determining an election will be outweighed by the large cumulative benefits society will receive from the voter's preferred policy being enacted, such that it is rational for an “altruistic” citizen, who receives utility from helping others, to vote. Altruistic voting has been compared to purchasing a lottery ticket, in which the probability of winning is extremely low but the payoff is large enough that the expected benefit outweighs the cost.
Neoclassical liberalism is a tradition of the liberal thought that, with the premises of John Locke's classical liberalism applied to industrialized societies, stands in opposition to the welfare state and social liberalism. In the United States, the Arizona School of liberalism, also referred to as "bleeding-heart libertarianism", adopted the term neoclassical liberal to advance certain ideas of Chicago School economist Milton Friedman within the American libertarian movement, including the school voucher system and the negative income tax.
Epistemic democracy refers to a range of views in political science and philosophy which see the value of democracy as based, at least in part, on its ability to make good or correct decisions. Epistemic democrats believe that the legitimacy or justification of democratic government should not be exclusively based on the intrinsic value of its procedures and how they embody or express values such as fairness, equality, or freedom. Instead, they claim that a political system based on political equality can be expected to make good political decisions, and possibly decisions better than any alternative form of government .
The Ethics of Voting by Jason Brennan is a book which outlines a contrasting argument to the idea that it is the civic duty of individuals within a democracy to vote. The core tenet upon which his argument resides is that the individuals who do not know what they are voting for should not feel the moral obligation to vote on issues about which they are uninformed, and that democracies would benefit as a whole from their abstaining from the polls.
Against Democracy is a book by American political philosopher Jason Brennan. It contains the writer’s critical perspectives of democracy, a form of government by which the rights to rule are evenly given to every citizen, and argues for its replacement by the more limiting epistocracy, where such rights are achieved by the knowledgeable. The book was published on 6 September 2016 by Princeton University Press, and has been translated into other languages. The German translation, Gegen Demokratie, published the next year, became a Der Spiegel bestseller.
