Article

The rationality of irrational decisions: A new perspective of behavioral economics

مارس 22, 2019

Mahmoud Askari / Ghaleb El Refae

This paper is an attempt to contribute to the field of behavioral economics by proposing a new perspective of utility and rational decision making. We use the method of Thought Experiment, as well as, hypothetical examples of decision making to explain the rationality of decisions that might be seen by economics as irrational. We hypothesize that all decisions are rational at the individual level, and that all decisions are justified by decision makers and maximize the decision maker’s percei...


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