Rationality as a Characteristic of Decision-Making Process: Comparative Analysis of Various Paradigm Approaches

Abstract

Classical economic theory traditionally considers the economic behavior of economic entities as rational, but modern studies convincingly prove the predominance of rather irrational motives in the process of making economic decisions. Within the framework of traditional economic analysis, which is based on the rationality postulate, it is difficult and often impossible to explain the behavior of subjects that demonstrate a clear departure from the principles of rational behavior. A detailed study of the problems of economic choice (economic decision-making), rational behavior of economic subjects, as well as the conditions and nature of deviations from the criteria of rationality is difficult within the framework of the methodology of a single social science. However, in modern scientific discourse there is no single interpretation of the category «rationality»; various social sciences consider the concept of rationality in different ways. Rationality as a scientific category is quite a multi-valued concept. All this actualizes a comparative analysis of different paradigm approaches to the definition of rationality as a characteristic of the selection process (decision-making).