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An empirical study of otheroriented and rational self interestВ leadership approaches, Barrow, L.(2006).В The authors argue that Rational Self-Interest is correlated to other orientations and behavioral traits that impact the kind of decisions an individual makes. Rational self- interestВ and other orientation in organizational behavior: a critical appraisal and extension of Meglino and Korsgaard (2004)., De Dreu, C.

(1970).В This books talks about other behavioral traits that have a bearing on Rational Self-Interest like reason, ego, and more.

Morality and rational self- interest, Gauthier, D.

Journal of Applied Psychology, 89 (6), 946.В This journal takes a deeper look at the theory of Rational Self-Interest and focuses on the different levels of motivation people have to pursue their self-interests.

Considering rational self- interestВ as a disposition: organizational implications of other orientation., Meglino, B.

Both businesses and consumers are making rational choices that will serve their self-interests, whichever way they lie.ДЄcademic Research on Rational Self-Interest This is just a prediction based on the Rational Self-Interest theory and might not always be 100% accurate, although the underlying assumption that companies will make a move towards reducing operational costs in salaries stands true. If the minimum wage was to be increased in the U.S., companies might strive to reduce operational costs by outsourcing menial jobs to countries with lower wage requirements. Thus, economists will base their predictions about businesses on the basis of their profit margin goals. Hence their Rational Self-Interest is guided by behavior that maximises profits and minimises operational costs. Unlike consumers, businesses do not have a satisfaction or happiness angle. The benefits of rational decisions arent limited to minimising costs, they also include a satisfaction component that makes consumers spend more for experiences that make them happy even if the expenditure isnt optimal.

#Self intersct maning in art cam movie

For e.g., what would bring the consumer to the movie theatre in the era of Netflix? What would induce a customer to spend more money to watch a single movie instead of spending a small amount to have access to thousands of movies? The answers to these questions will shape customer strategies adopted by movie studios to fill in movie hall seats. The simple answer being maximum benefits at minimal costs. This theory of rational behavior is applied in the field of commerce to understand consumer behavior and answer the question, What do consumers want?. Its a simplified view of rationality that economists rely on to explain the process of human decision making. Saving income to buy gifts, or spending on family, is also an act of Rational Self-Interest that encompasses making others happy. Self-Interest can also entail making others happy. The word Rational qualifies the Self-Interest as beneficial rather than greedy.

Rational Self-Interest doesnt imply selfish behavior. Conversely, spending his last $20 for a coffee and donut at Starbucks would make for a very bad decision. Thus he maximises the $20 he had to ensure all his needs are covered within his limited resources, arriving at an optimal outcome. Economists predict that Rational Self-Interest is the reason why John buys ramen in bulk to last a week for $10, and spends the rest buying a bus pass to commute for the next 7 days. He needs to be able to feed himself while also commuting to work by bus everyday. For example, John needs to stretch the last $20 he has for the last week of the month. Individuals choosing actions that prove optimally beneficial to them while avoiding situations that would further harm their economic condition, or not provide the best value for their time, money, or efforts, is the sum total of Rational Self-Interest. People making active choices to serve their own Self-Interest is the assumption that economists make to predict economic behavior. Back to: ECONOMIC ANALYSIS & MONETARY POLICY How does Rational Self Interest Work? Acting conversely renders actions economically irrational.

Acting in an economically rational way entails taking actions that reduce costs and increase benefits for the individual. Rational Self-Interest is a behavioral assumption that economists make about how people act under different economic conditions.

#Self intersct maning in art cam update

Update Table of Contents What is a Rational Self-interest? How doesВ Rational Self Interest Work? Rationality in Commerce Rationality in Business Academic Research on Rational Self-Interest What is a Rational Self-interest?