100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary RC $3.27   Add to cart

Summary

Summary RC

1 review
 152 views  10 purchases
  • Course
  • Institution
  • Book

These are the summaries you need to study for this exam. This contains a summary on the required book.

Preview 4 out of 34  pages

  • No
  • Chapters required for the exam
  • May 26, 2020
  • 34
  • 2019/2020
  • Summary

1  review

review-writer-avatar

By: amoghnath • 2 year ago

reply-writer-avatar

By: seminckursula • 2 year ago

What was wrong with this summary?

avatar-seller
Chapter 1. It isn’t rocket science, but …

 In short, the political science that a college student at the end of WWII might have
encountered was descriptive and judgmental
o It was much less oriented toward explanation and analysis

 Not until 1960s that systematic attention began to focus on the questions of “why”

 Models
o = stylizations meant to approximate in very crude fashion some real situation
o Purposely stripped- down versions of the real thing

 Theory
o = an embellishment of a model in which features that are abstract in the model are
made more concrete and specific in the theory
o = specialized elaboration of a model intended for a specific application

 Politics = the authoritative allocation of values for a society (David Easton)

Chapter 2. Rationality: The Model of Choice

 Rational choice approach
o Aka formal pol theory, positive pol theory, pol economy
o Is a form of methodological individualism = the individual is taken as the basic unit of
analysis

 There is nothing distinctly economic about rational behavior

 Rationality
o Does not mean brilliant or all knowing
o People are neither all knowing nor worldy wise
o They have wants and beliefs, both of which affect their behavior

PRELIMINARIES

 Preferences
o = individual wants
o Can be inspired by any # of diff sources

 Self- interested = People who act in accord w their preferences

 An individual’s conception of self is reflected in his or her preferences and priorities

 The world of preferences and priorities is an interior world

, Complementing this interior world is an external environment in which people find
themselves  This is filled w uncertainty

 People often cannot choose the thing they want directly, but instead must choose an
instrument
o Choose the instrument that leads to the outcome preferred the most
o Bc of uncertainty the effectiveness of behavioral instruments for the things an
individual want is only imperfectly known

 Beliefs
o = hunches an individual has concerning the efficacy of a given instrument or behavior
for obtaining something he or she wants
o Connect instruments to outcomes
o Come from a variety of sources
o May change as the individual acquires experience in his or her external environment

 Instrumental rationality = acting in accord both w one’s preference and one’s beliefs

 To sum up, …

 methodological individualism
o it is taken as fundamental that individuals have beliefs and preferences
o these things are the stuff of human cognition and motivation
o groups, classes, firms, and nation-states do not have minds, and thus cannot be said to
have preferences or hold beliefs

MOTIVATION

 Economics is concerned mainly w how 4 diff classes of actors choose to allocate what’s
theirs  1. Consumer, 2. Producers, 3. Worker, 4. Investors

 The purpose of the economist’s assumptions
o The reason is scientific, not substantive

 Corpus of scientific knowledge
o = a logically integrated collection of principles, a set of tools of inquiry (methodology if
you will) for prediction and explanation

 Scientific knowledge is cumulative  That distinguishes it from wisdom

THE SIMPLE LOGIC OF PREFERENCE AND CHOICE

 Objects over which actors have preferences are called alternatives

 xPiy
o person i prefers x to y

, o x is better than y acc to Mr i’s preferences

 xIi y
o Mr i is indifferent btwn x and y

 Thus
o Pi is i’s strict preference relation
o Ii is i’s indifference relation

 Thus
o a choice is rational if the object chosen is at least as good as any other available object
acc to the chooser’s preferences
o an object is a RC if no other available object is better acc to the chooser’s preferences

 Two underlying properties capture the commonsensical notion of rationality as ordering
things in terms of preference
o 1. Comparability: completeness
o 2. Transitivity

 1. Comparability: completeness
o Alternatives are comparable if, for any pair of them, the chooser either prefers the 1 st
to the 2nd, the 2nd to the 1st, or is indifferent btwn them

 2. Transitivity
o if i is indifferent btwn x and y and btwn y and z, then he is indifferent btwn x and z too

 preference ordering
o if i’s preferences satisfy comparability and transitivity, then i has a preference ordering

 ordering principles
o = preferences that permit rational choices

 Not all relations are complete or transitive
o Some… ; Others…

 Comparability
o You could push things far enough so that making a comparison in terms of preferences
would be absurd
o Real problem for it comes in situations in which the comparison doesn’t make sense to
the chooser
o Warning: advising appropriate use
o Choices must have meaning to the choosers if they are to be guided by principles
considerations such as those associated w rationality

 Transitivity
o Requires that the chooser not be confused in a diff sense
o Warning: about the domain over which it is likely to be more or less relevant and useful

, o When the stakes are low, uncertainty is high, and individual choices are of little
consequence to the chooser, then inconsistencies are likely to be common
o Behavior is likely to be more random that rational, more arbitrary than principled
o But when choices matter to the chooser, he or she is likely to be more intent on being
consistent

THE MAXIMIZATION PARADIGM

 The ass of comparability and transitivity yield an ordering principle (= …)

 Rationality is associated w both this capacity to order AND an aptitude to choose from
the top of the order

 maximizing behavior
o we think of rationality as consisting of this
o = individuals in soc situations are thought to be seeking some goal, pursuing some
objective, aiming to do the best they can acc to their own lights

ENVIRONMENTAL UNCERTAINTY AND BELIEFS

 We should revise our idea of rationality, saying now that a rational individual chooses the
instrument or action he or she believes will lead to the best outcome

 Certainty
o =…
o When there is certainty, rational behavior is pretty apparent: simply pick the action or
instrument that leads to your highest-ranked alternative
 When the relationships are more complex, the principle of rational behavior requires
more explanations
 Utility number

 Risk
o =…
o Making a decision under conditions of risk involves choosing from among alternative
lotteries
 A RC is involves choosing the best lottery
 The rule of RC is known as the principle of expected utility
 Rationality requires a chooser to select the action that maximizes expected utility

 Uncertainty
o =…
o Under conditions of uncertainty, a chooser is sufficiently confused that he or she
cannot even figure out the likelihoods of various outcomes associated w each action

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller seminckursula. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.27. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80364 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$3.27  10x  sold
  • (1)
  Add to cart