| Literature DB >> 24429682 |
J M McNamara1, P C Trimmer, A I Houston.
Abstract
Understanding decisions is the fundamental aim of the behavioural sciences. The theory of rational choice is based on axiomatic principles such as transitivity and independence of irrelevant alternatives (IIA). Empirical studies have demonstrated that the behaviour of humans and other animals often seems irrational; there can be a lack of transitivity in choice and seemingly irrelevant alternatives can alter decisions. These violations of transitivity and IIA undermine rational choice theory. However, we show that an individual that is maximizing its rate of food gain can exhibit failure of transitivity and IIA. We show that such violations can be caused because a current option may disappear in the near future or a better option may reappear soon. Current food options can be indicative of food availability in the near future, and this key feature can result in apparently irrational behaviour.Entities:
Keywords: decision-making; independence of irrelevant alternatives; rate maximization; rationality; transitivity
Mesh:
Year: 2014 PMID: 24429682 PMCID: PMC3917337 DOI: 10.1098/rsbl.2013.0935
Source DB: PubMed Journal: Biol Lett ISSN: 1744-9561 Impact factor: 3.703