There is no such thing as a rational decision. Discuss this assertion, Essay

There is no such thing as a rational decision. Discuss this assertion, and carefully justify the arguments and claims that you m - Essay Example This study aims at discussing rational decision-making and its existence from the roots. In order to throw light on every dimension of rational decision-making, the discussion would begin from understanding rationality, and will further assist in understanding what does rational decision signify. It will also include what elements assist one in understanding that the particular decision is rational enough. Apart from this, theories in relation to types of rationality would be discussed. The conditions considered for effective decision-making need to be understood in order to conduct a comprehensive analysis for stating whether rational decisions exist or it is just a myth. Rationality is considered to be a normative concept, which signifies any belief, desire or action. It signifies any conviction or concept, which is derived through proper reasoning (Adler, 1991). Rationality can be considered the characteristics of decisions which are supported by motives. Max Weber, a German socio logist proposed a theory of rationality, which explains four types of rationality. The first type of rationality put forward by him is purposive or instrumental rationality. This explains the expectation regarding the behavior of the other objects and the human beings present in the society. The second type of rationality is value or belief oriented. In this case the action is assumed to be essential for the person, such as ethics, religion, motives, etc. The third type of rationality is affectual, which assist in determining the specific affect of emotions or feelings. Weber considered this type of rationality to be meaningfully oriented rationality. The fourth type was habituation, which is traditional. Weber emphasized on these four types of rationality because he considered rationality and rational decision making to be the outcome of one of these types or a combination of these types of rationality stated by him. However, Weber’s point of view for rationality has been cr iticized by Habermansian, whose proposed theory was devoid of any social power or context, whereas Weber’s theory of rationality was strongly supported by values and power (Berg, & Hoffrage, 2004). A rational decision-maker actually chooses among the different alternatives or courses of action that are based on the ability of the decision-maker. This is because this process includes rational decisions that are not only backed by reasons but are also appropriate enough for achieving goals, and solving problems. While discussing the concept of rational decision-making, elements like rational choice and rational behavior of individuals needs to be also discussed. Rational choices are considered to be economic principles which are assumed to be made by those individuals who make logical and prudent decisions that benefit them and provide them satisfaction. This concept of rational decision-making is based on the rational choice theory. Rational behavior is the decision-making pro cedure which depends on the choices that would offer optimum level of utility or benefit. According to conventional theories of economics all those individuals who take part in any activity or action are rational. Rational decision does not always assist in generating profit because it is considered that sometimes