rational decision making definition economics

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What is rational decision-making?

Rational decision-making is based on the assumption that people have well-defined goals and that they are able to calculate and compare the potential costs and benefits of different options in order to choose the one that is most likely to achieve their goals.

What is rational choice decision making?

Rational decision-making can be described as a process of selecting the best option or course of action based on a careful and logical evaluation of the costs, benefits, and risks associated with each potential choice.

Do people always make rational decisions?

There are many economists who dispute the veracity of the rational choice theory and the invisible hand theory. Dissenters have pointed out that individuals do not always make rational, utility-maximizing decisions.

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