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The model of bounded rationality also extends to bounded self-interest, [20] in which humans are sometimes willing to forsake their own self-interests for the benefits of others due to incomplete information that the individuals have at the time being. This is something that had not been considered in earlier economic models.
Legalism is a Chinese political philosophy that holds that self-interest underlies human nature and therefore human behavior. [1] It is axiomatic in Legalism that a government can not truly be staffed by upright and trustworthy men of service, because every member of the elite—like any member of society—will pursue their own interests and thus must be employed for their interests. [2]
Although Prospect Theory is a largely celebrated idea in behavioural economics it does have limitations. The reference point has been argued to be difficult to precisely determine in any given context. Many external factors can influence what the reference point is and thus makes it difficult to define what a “gain” and a “loss ...
Rational choice theory has become increasingly employed in social sciences other than economics, such as sociology, evolutionary theory and political science in recent decades. [ 13 ] [ 14 ] It has had far-reaching impacts on the study of political science , especially in fields like the study of interest groups, elections , behaviour in ...
In science, objectivity refers to attempts to do higher quality research by eliminating personal biases (or prejudices), irrational emotions and false beliefs, while focusing mainly on proven facts and evidence. [1]
Research integrity or scientific integrity became an autonomous concept within scientific ethics in the late 1970s. In contrast with other forms of ethical misconducts, the debate over research integrity is focused on "victimless offence" that only hurts "the robustness of scientific record and public trust in science". [3]
Personal science is a term used by the late psychologist and scientist Seth Roberts, who defined it as: "using science to solve your own problems". [1] Associated fields are self-experimentation and citizen science. The concept has been further developed within the Quantified Self community.
Self-employment provides work primarily for the founder of the business. The term entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to grow big or become registered, but the term startup refers to new businesses that intend to provide work and income for more than the founders and intend to have employees and grow large.