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From dKosopedia

Subject to varied definition, rationality is understood in rational choice theory to be instrumental or focused on the logic of consequences. A decision-maker is rational to the extent that she chooses a strategy which she believes will produce the optimal consequence given her interest(s). That choice is made by comparing the costs and benefits of different options and selecting the one with the highest net value. Note that this is not objective rationality but instead a variety of subjective rationality. Objective rationality would require the selection of the option with the objectively highest net value. This form of subjective rationality merely requires the selection of the option that the decision-maker believes will produce the highest net value.

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This page was last modified 21:07, 29 December 2005 by dKosopedia user BartFraden. Content is available under the terms of the GNU Free Documentation License.

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