Rational Choice Quotes

When a man is a prey to his emotions, he is not his own master, but lies at the mercy of fortune: so much so, that he is often compelled, while seeing that which is better for him, to follow that which is worse.

Unfortunately, there is a tendency among political elites to distrust the opinions of ordinary people. They are perceived to base their views on dark instincts and unjustified fears, rather than on rational choices. European voters, however, are highly educated, and it is ridiculous to suppose they can be easily fooled or manipulated.

The classical theory of omniscient rationality is strikingly simple and beautiful.

Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.

My fear is turnout. I think a lot of people might think: 'Well, in the end, it's the rational thing to stay, but I'll let other people make that choice for me.' Don't. This is very close, no doubt about it.

First rule of Economics 101: our desires are insatiable. Second rule: we can stomach only three Big Macs at a time.

...foreign policy is a matter of costs and benefits, not theology.

Economics is a subject that does not greatly respect one's wishes.

When we deliberate it is about means and not ends.

Intelligent people make decisions based on opportunity costs.

Men keep their agreements when it is an advantage to both parties not to break them; and I shall so frame my laws that it will be evident to the Athenians that it will be for their interest to observe them.

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

The will of man is by his reason sway'd.

Men are to be guided only by their self-interests. Good government is a good balancing of these …

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.

I have to take decisions—not back hunches.

Man has been called a rational being, but rationality is a matter of choice... Man has to be a man-by choice; he has to hold his life as a value-by choice; he has to learn to sustain it-by choice; he has to discover the values it requires and practice his virtues by choice. A code of values accepted by choice is a code of morality.

[Theresa May] is very sensible and I think that's a good thing at this point in time.

If you have more than one reason to do something (choose a doctor or veterinarian, hire a gardener or an employee, marry a person, go on a trip), just don’t do it. It does not mean that one reason is better than two, just that by invoking more than one reason you are trying to convince yourself to do something. Obvious decisions (robust to error) require no more than a single reason.

If people do not know what is going to make them better off or give them pleasure, then the idea that you can trust people to do what will give them pleasure becomes questionable.

Traditional economics is based on imaginary creatures sometimes referred to as 'Homo economicus.' I call them Econs for short. Econs are amazingly smart and are free of emotion, distraction or self-control problems. Think Mr. Spock from 'Star Trek.'

Man—every man—is an end in himself, not a means to the ends of others; he must live for his own sake, neither sacrificing himself to others nor sacrificing others to himself; he must work for his rational self-interest, with the achievement of his own happiness as the highest moral purpose of his life.

I don't believe in psychology. I believe in good moves

I'm not religious, I'm not romantic and I live purely by logic. I make every decision by logic and sometimes that leads me to the right and sometimes to the wrong decision.

It is sometimes rational to do what is wrong, and sometimes irrational to do what is right