markets. In particular‚ the behavioral finance‚ evolutionary finance‚ and neurofinance are challenging the traditional finance. Whether the financial markets‚ in particular the stock markets‚ are efficient or not and whether market participants are rational or not‚ depend to a large extent on the ways
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Second Semester Assignment Number: 01 - Compulsory Student Name: Riëtte du Bruyn Student Number: 4238-255-6 Unique Number: 363036 Assignment Closing Date: 22 August 2013 Rational Choice Theory Table of Contents Section A: 15 marks 3 1. Introduction 3 2. Definition of Rational Choice 3 3. The Six propositions of Rational Choice (Joubert 2009:19-20) 3 3.1 First: Crimes are deliberate acts‚ committed with the intention of benefiting the offender 3 3.2 Second: Offenders try to make the best
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obeyed by a specifiable group of people‚ and legitimate authority as that which is recognized as justified by both the ruler and the ruled. He further identified three typesof legitimate authority; Rational-legitimate authority‚ Traditional authority‚ and finally the charismatic authority. RATIONAL-LEGITIMATE AUTHORITY: It is that form of authority which depends legitimately on formal rules and established written‚ complex laws of the state. It is also that type of authority where the individuals
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this term‚ as most academics relate their own view on authority back to his. Weber was a sociologist‚ political economist and philosopher and he classified authority into three different categories; the first is Traditional authority‚ the second Rational-Legal authority and the third Charismatic authority. Weber distinguished these three forms of authority in order to answer his question; why do people do what they are told. For‚ with the exception of slavery‚ people willingly enter into these three
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rule of rational choice theory? What are utilities and disutilities? The basic decision rule of rational choice theory is that to choose the behavior that is expected to maximize (that is‚ produce the most) utility and/or minimize (that is‚ produce the least) pain. Rational choice theory behaviors are driven by thoughts about future consequences. People do whatever they think will produce the most utility or least disutility. Rational choice theory says that all behavior is rational and it is
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big lie". In what he described as a Ponzi scheme‚ he took his investors for $65 billion over the course of two decades. The scheme wasn’t revealed until Madoff himself confessed his crimes (How Ponzi Schemes Work). I believe this is based on the rational choice theory. For example‚ a drug addict may know there are thousands rotting in prison for what they’re about to do‚ but they will get high anyway. It’s the same for a thief‚ a rapist‚ and pedophile. An offender’s wants or needs are in the present
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according to Max Weber a political regime is legitimate when it influences it’s participants to have the willingness to obey its commands (Weber‚ 1964: 382). Thus Weber illustrated these using ideal concepts‚ namely traditional‚ charismatic and legal-rational authority. Traditional authority‚ when a regime basis its legitimacy on tradition or customs‚ thus the regime influences its participants to regard traditional authority as legitimate because it has always existed (Heywood‚ 2002: 220). According
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gained by those individuals who have gained the respect and trust of their followers. This type of authority is exercised by a charismatic leader in small and large groups alike. Rational-legal authority – Rational-legal authority stems from the setup of an organization and the position held by the person in authority. Rational-legal authority is exercised within the stipulated rules and procedures of an organization. The Key Characteristics of Bureaucracy Weber coined this last type of authority
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Brandon Smith March 14‚ 2015 MAN-373 Strategies for Managing Conflict: Rational Problem-Solving Process Working in a demanding fast-paced environment‚ can be challenging. Companies that have a very specialized business or provide services that are in high demand can experience rapid growth‚ and thus this can increase the workload on the staff within a firm. In many instances‚ departments may need to create “hybrid” positions‚ in order to facilitate cross functional duties from department to department
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characteristic is negativity or pessimism about his or herself and others. 3. Insecurity or uncertainty about driving is also considered a characteristic for an at-risk driver. Describe three characteristics of safe drivers. 1.Rational and attentive 2. Emotionally stable 3. Rational decision making Describe three
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