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The rational choice model, also called 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.
Amartya Kumar Sen is an Indian economist and philosopher. Sen has taught and worked in England and the United States since 1972. In 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions to welfare economics. He has also made major scholarly contributions to social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and the measures of well-being of countries.
Arrow's impossibility theorem is a key result in social choice theory, showing that no ranking-based decision rule can satisfy the requirements of rational choice theory. Most notably, Arrow showed that no such rule can satisfy all of a certain set of seemingly simple and reasonable conditions that include independence of irrelevant alternatives, the principle that a choice between two alternatives A and B should not depend on the quality of some third, unrelated option C.
In welfare economics and social choice theory, a social welfare function—also called a socialordering, ranking, utility, or choicefunction—is a function that ranks a set of social states by their desirability. Each person's preferences are combined in some way to determine which outcome is considered better by society as a whole. It can be seen as mathematically formalizing Rousseau's idea of a general will.
Independence of irrelevant alternatives (IIA) is an axiom of decision theory which codifies the intuition that a choice between and should not depend on the quality of a third, unrelated outcome . There are several different variations of this axiom, which are generally equivalent under mild conditions. As a result of its importance, the axiom has been independently rediscovered in various forms across a wide variety of fields, including economics, cognitive science, social choice, fair division, rational choice, artificial intelligence, probability, and game theory. It is closely tied to many of the most important theorems in these fields, including Arrow's impossibility theorem, the Balinski-Young theorem, and the money pump arguments.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society.
Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. Social choice studies the behavior of different mathematical procedures used to combine individual preferences into a coherent whole. It contrasts with political science in that it is a normative field that studies how a society can make good decisions, whereas political science is a descriptive field that observes how societies actually do make decisions. While social choice began as a branch of economics and decision theory, it has since received substantial contributions from mathematics, philosophy, political science, and game theory.
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.
Freedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.
The capability approach is a normative approach to human welfare that concentrates on the actual capability of persons to achieve lives they value rather than solely having a right or freedom to do so. It was conceived in the 1980s as an alternative approach to welfare economics.
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.
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The mathematical notion of quasitransitivity is a weakened version of transitivity that is used in social choice theory and microeconomics. Informally, a relation is quasitransitive if it is symmetric for some values and transitive elsewhere. The concept was introduced by Sen (1969) to study the consequences of Arrow's theorem.
Extended sympathy in welfare economics refers to interpersonal value judgments of the form that social state x for person A is ranked better than, worse than, or as good as social state y for person B. Here any characteristics that define each person are distinguished from the rest of the social state and put on a par with conventional measures of wealth insofar as they affect an extended sympathy judgment.
Kotaro Suzumura was a Japanese economist and professor emeritus of Hitotsubashi University and Waseda University. He graduated from Hitotsubashi University in 1966. His research interests were in social choice theory and welfare economics. He was also a Fellow of the Econometric Society. He was named a Person of Cultural Merit in 2017.
Kevin W. S. Roberts was the Sir John Hicks Professor of Economics at the University of Oxford until his retirement in 2020.
Sanjiv M. Ravi Kanbur, is T.H. Lee Professor of World Affairs, International Professor of Applied Economics, and Professor of Economics at Cornell University. He worked for the World Bank for almost two decades and was the director of the World Development Report.
Shatakshee Ramesh Dhongde is an associate professor at the School of Economics, Ivan Allen College of Liberal Arts, Georgia Institute of Technology. She has provided research papers to the several institutions including the International Monetary Fund and the World Institute for Development Economics Research (WIDER). Her work has also appeared in several academic journals including World Development.
Fractional, stochastic, or weighted social choice is a branch of social choice theory in which the collective decision is not a single alternative, but rather a weighted sum of two or more alternatives. For example, if society has to choose between three candidates, then in standard social choice exactly one of these candidates is chosen. By contrast, in fractional social choice it is possible to choose any linear combination of these, e.g. "2/3 of A and 1/3 of B".
References
- ↑ https://www.mha.gov.in/sites/default/files/2020AwardeesList_25012020_2.pdf [ bare URL PDF ]
- ↑ "Pattanaik, Prasanta K. (Prasanta Kumar)". Virtual International Authority File. Retrieved 29 September 2014.
- ↑ "Pattanaik, Prasanta K." Library of Congress. Retrieved 29 September 2014.
data sheet (b. 5-4-1943)
- ↑ "Padma Awardees: 2020" (PDF). Ministry of Home Affairs (India). 25 January 2020. pp. 2–6. Retrieved 26 August 2020.
- ↑ "Social Choice and Welfare | Editorial board | Advisory Editors". Springer. Retrieved 29 September 2014.
- ↑ https://www.mha.gov.in/sites/default/files/2020AwardeesList_25012020_2.pdf [ bare URL PDF ]
- ↑ "Prasanta Pattanaik". Oxford Poverty & Human Development Initiative, University of Oxford. Archived from the original on 27 January 2020. Retrieved 29 September 2014.
- ↑ Sen, Amartya (2010), "Acknowledgements", in Sen, Amartya (ed.), The idea of justice, London: Penguin, pp. xii–xxiii, ISBN 9780141037851. Book preview.
- ↑ "Studies in Choice and Welfare". Springer. Retrieved 29 September 2014.
- ↑ Pattanaik, Prasanta K.; Tadenuma, Koichi; Xu, Yongsheng; Yoshihara, Naoki (2008). Rational choice and social welfare theory and applications: essays in honor of Kotaro Suzumura. Studies in Choice and Welfare. Berlin: Springer. ISBN 9783540798316.
