A Review of The Seven Axioms of Rational Choice Theory and its Violations

Research on the behavioral and psychological aspects of rational choice has been carried out for a long time, especially in the fields of classical economics, and its results have formed the foundations of psychology and classical behavioral economics for many years, and even in other fields such as policy making and social science has also penetrated. This article begins by highlighting those studies that have a special relationship with the seven axioms of rational choice and their explanation. These axioms, which have been explained and codified by Leonard Savage, Reid Hastie, and Robyn Dawes include Commensurability, Transitivity, Closure, Consolidation, Independence, Consistency, and Interchangeability which are mostly rooted in the basics of mathematics. In the following, some cases of violation of these axioms are mentioned, rational choice based on the classical model is a challenging concept and has no place in the foundations of psychology and the principles of contemporary economics, and in fact, it will provide a new definition of rationality

Keywords:

Rational Choice” , “Expected Utility” , “Axioms of Rational Choice Theory” , “Rationality” , “Rational Making Decision”.