Analysis of Economic Behavior in Society from the Perspective of Rational Choice Theory

Abstract

This study analyzes community economic behavior from the perspective of rational choice theory using a qualitative approach. The research explores how individuals make decisions regarding consumption, investment, and financial management, and examines whether these decisions align with the assumptions of utility maximization, consistent preferences, and budget constraints. Data were collected through in-depth interviews with purposively selected informants actively engaged in economic activities. The findings indicate that while individuals generally demonstrate instrumental and adaptive rationality in managing their economic choices, their decisions are also influenced by cognitive biases, social factors, emotional considerations, and imperfect information. These patterns reflect the presence of bounded rationality rather than perfect optimization. The study concludes that rational choice theory remains relevant but requires integration with behavioral perspectives to more accurately explain real-world economic behavior in contemporary society.