Rational Choice Theory

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“And thus, the actions of life often not allowing any delay, it is a truth very certain that, when it is not in our power to determine the most true opinions we ought to follow the most probable” (René Descartes). Much of a manager’s day-to-day work involves solving problems and making decisions. To assist in decision-making they often use a management theory approach to reach their goals. The Rational Choice Theory is a decision-making theory that uses an analytical approach, suggesting that using systematically and logic approaches in decision-making, weighing the risk against the benefits, will help best in achieving a desired objective (Ogu, 2013). The Rational Choice Theory often criticized for being unethical and based on probabilities.
The Rational Choice Theory also referred to as the Choice Theory and the Rational Action Theory. Used by social scientist and economists for understanding people and behavior. McShane and Von Glinow (2013) states that “the Rational Choice Theory was established approximately 2,500 years ago when Plato and his contemporaries in ancient Greec...

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