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Relevant alternatives theory was primarily developed by Fred Dretske. It states that "knowing a true proposition one believes at a time requires being able to rule out relevant alternatives to that proposition at that time." [1] One way that Dretske attempts to motivate RAT is with examples, such as the following:
The theory can be applied to general settings outside of those identified by costs and benefits. In general, rational decision making entails choosing among all available alternatives the alternative that the individual most prefers. The "alternatives" can be a set of actions ("what to do?") or a set of objects ("what to choose/buy").
The large subsequent literature has included reformulation to extend, weaken, or replace the conditions and derive implications. In this respect Arrow's framework has been an instrument for generalizing voting theory and critically evaluating and broadening economic policy and social choice theory.
The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures ( social welfare functions ) used to combine individual preferences into a coherent whole.
Independence of irrelevant alternatives (IIA) is an axiom of decision theory which codifies the intuition that a choice between and should not depend on the quality of a third, unrelated outcome . There are several different variations of this axiom, which are generally equivalent under mild conditions.
This theory did not consider how problems are initially discovered by decision-makers, which could have an impact on the overall decision. Additionally, personal values, the way in which alternatives are discovered and created, and the environment surrounding the decision-making process are also not considered when using this theory. [25]
The theory was developed in the context of Enlightenment rationalism. It states that an action can only be moral if it is motivated by a sense of duty, and its maxim may be rationally willed a universal, objective law. Central to Kant's theory of the moral law is the categorical imperative. Kant formulated the categorical imperative in various ...