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Add a stage of signal acquisition to a canonical model of portfolio choice. Under fully revealing asset price, investors’ information demand reflects their choice of transparency. In reducing uncertainty, financial transparency raises expected asset price and thus benefits holders of the risky asset. At a natural transparency limit, however, investors pay to inhibit further disclosure in order ...

This paper contributes to the theory of rational choice under sequential criteria. Following the approach initiated by Manzini and Mariotti (2007) for single-valued choice functions, we characterize choice correspondences that are rational by two sequential criteria under a mild consistency axiom. Rationales ensuring the sequential rationalization are explicitly constructed and a uniquely deter...

within the country , there is evidence of the prevalence of alcohol consumption among young people and students. the major purpose of the present study was to investigate social science faculty of tehran university students’ attitude toward alcohol consumption and to explain this attitude from rational choice theory perspective. the method of this research was survey and the data collection ins...

In 2003 an unusually forthcoming U.S. battalion commander told the New York Times how he would win Iraqi hearts and minds: “With a heavy dose of fear and violence, and a lot of money for projects, I think we can convince these people that we are here to help them.”[1] To Roger Petersen, an MIT political scientist, this statement epitomizes the problem with Western military intervention–a proble...

Information acquisition in financial markets is analyzed in an integrated model of information and portfolio choice. Asset returns are assumed to be gamma distributed and signals to be Poisson. A simultaneous rational expectations equilibrium in asset and information markets does exist under fully revealing prices. It entails a strictly positive amount of acquired signals if markets are large, ...

In order for rational choice theory (RCT) to explain the production of collective action, it must be able to distinguish between two behaviorally identical possibilities: one, that all of the agents in a group are each performing behaviors in pursuit of a set of individual actions; and two, that all of those agents are performing those behaviors in pursuit of a collective action. I argue that t...

Rational choice theories assert that human beings behave rationally, either in the narrow sense of rational self-interest, or in the broader sense that decisions are rationally based on preferences. These empirical theories make no direct ethical claims, but they may have relevance to ethics. Social contract theorists have maintained, for example, that rational individuals can assent to a socia...

Future prospects continue to be strong for research using the rat as a model organism. New technology has enabled the proliferation of many new transgenic and knockout rat strains, the genomes of more than 40 rat strains have been sequenced, publications using the rat as a model continue to be produced at a steady rate, and discoveries of disease-associated genes and mechanisms from rat experim...

In a recent paper, Samir Okasha presented an argument that suggests that there is no rational way to choose among scientific theories. This would seriously undermine the view that science is a rational entreprise. In this paper I show how a suitably nuanced view of what scientific rationality requires allows us to avoid Okasha’s conclusion. I go on to argue that making further assumptions about...