The rational choice theory has been build on the basis that the people tend to evaluate and calculate all benefits and costs associated with different things before taking any decision. According to the rational choice theorists, the goals and target of the individuals which are also known to their preferences motivate them for a particular task or activity. Individuals tend to go for the activities and tasks which are according to their needs and requirements. According to this theory the people take decisions which are beneficial for them and avoid such decisions which have negative implications. However, this evaluation about the positive and negative implications of different decisions and activities is strictly dependent on the availability of the information about the results and outcomes associated with those decisions and activities. There are different views and thoughts about the rational choice theory. According to some theorists this theory or rational choice have several benefits and on the other hand some theorists and analysts are of the idea that there are several limitations associated with the rational choice theory.In this essay and attempt has been made to present and evaluate some of the powers and limitations associated with the theory of rational choice. This will allow to further evaluate the application of the rational approach.It brings up numerous benefits, one amongst many states is, with individuals employing rationality in making decisions., future projections about an individual behaviour can be projected and framed. Many contemporary researches comprises of hypothesis seeking answers to unpredictable. Adding on to the benefits of rationality choice, there is a mathematical model that work behind this phenomenon, that allow scientists to make inferences that otherwise isn’t possible. Later such collections can be presented for empirical verification. Rationality choice is purging on subjectivity that has been long debated in social sciences and different school of thoughts (Boudon, 2003).
According to Becker (1976), this approach is successful because this theory can be applied while constructing a formula from the given variables. The rational choice theories have the ability to generate new predictions. The methodology of rational approach tends to create narrative predictions, which is the updated version of narrative confirmation according to the view of Gerrard (1993).
The Rational choice theory is also useful for the researchers as it guides them to formulate novel implications. While considering the phenomena of power in rational choices, the rational choice theory solves the problem of efficient distribution and aggregation while ignoring the political problems, in the light of Joseph (1998). Many economical, technical and political problems can be resolved by taking rational decisions not irrational. Hence, it can