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Rational Choice

  • By: Edward H. Stiglitz & Barry R. Weingast
  • In: International Encyclopedia of Political Science
  • Edited by: Bertrand Badie, Dirk Berg-Schlosser & Leonardo Morlino
  • Subject:Political Science (general), General Politics & International Relations

Rational choice, or rationality, has two meanings. First, in a technical sense, rationality implies that an individual's preferences over choices possess two properties: completeness and transitivity. The first property holds that the individual's preferences are well defined for ...

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