Edexcel A Level Economics A:復習筆記1.2.1 Rational Decision Making
Rational Decision Making
- When analysing markets, a?range of assumptions?are made about the?rationality?of?economic agents involved in the transactions
- In classical economic theory, the word?'rational'?means that economic agents are able to consider the outcome of their?choices?and?recognise the net benefits?of each one. Rational agents will select the choice which presents the?highest benefits
- Consumers?are assumed to act rationally. They do this by?maximising their?utility
- Producers?are assumed to act rationally. They do this by?selling goods/services?in a way that?maximises their profits
- Workers?are assumed to act rationally. They do this by?balancing welfare?at work with consideration of both pay and benefits
- Governments?are assumed to act rationally. They do this by placing the interests of the people they serve first in order to maximise their welfare
- In many ways, the?assumption of rational decision?making is flawed. For example, consumers are often more influenced by?emotional purchasing decisions?than a rational computation of net benefits
Exam Tip
In your examinations, the essay questions test your ability to?think critically. The?command words?for these questions are?evaluate, discuss, or examine.
One way in which you can demonstrate?critical thinking?is to?challenge the underlying assumptions?of economic theory. The idea of?rational decision making?is?one such assumption. Do consumers act rationally when they make impulse purchases? Do workers act rationally when they accept terrible working conditions for mediocre pay??Do governments actually maximise public welfare or do?they implement policies that mainly benefit their core voter base?
Irrationality?distorts markets and produces fundamentally?different outcomes?than what would be achieved if all economic agents acted rationally.
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