AGENCY VS RATIONAL CHOICE THEORY —“Is the concept of agency an answer to the r

AGENCY VS RATIONAL CHOICE THEORY

—“Is the concept of agency an answer to the rational choice theory?”—Ray V. Westwood

Correct. we are all rational actors but the scope of information we can rationally process and the tools we can use to reduce complexity to analogies to experience, varies greatly. So because of time constraints, cost constraints, skill constraints, emotional constraints, and intellectual constraints, we rely upon our intuitions for that which we cannot calculate. However, we carry with us genetic biasses that radically affect our intuitions particularly our intuitions at scale. Without markets we cannot ‘calculate’ between our biases.