ABSTRACT
Rational choice theory is not a single theory but a large and growing family of theoretical models. These are found in psychology, sociology, economics, political science, and social policy studies, and they are making significant inroads into anthropology, history and even ethics, social philosophy, and theology. This chapter analyzes the central ideas of rational choice models. These ideas are identified and checked for clarity, cogency, testability, truth, and relevance, as well as for compatibility with the ideals of science and their matching with social reality. Rational choice theory deals with the deliberations that precede action. It refers to individuals, not to social systems. The probabilities and utilities that occur in the vast majority of rational choice models are subjective, not objective. The expected utility of an action is the product of the subjective probability by the subjective utility of the outcome of the action. Rational choice theory has been a theoretical and practical flop.
