Economic Rationality Research

Document Type:Essay

Subject Area:Engineering

Document 1

The research seeks to reveal the impact of rationality on the economic issues in the society. The research on economic rationality will seek to fulfill the following research objectives and goals. Research goals The research will seek to examine the impact of human behavior on economic rationality in an individual’s short- and long-term life decisions. The behavior of the consumers on the market influence the purchasing patterns of the individual as well as the company. The research will illuminate the effect of behavior on economic decisions, lifestyle, and spending of the income, as related to short-term happiness and long-term utility. The research will illuminate the spending behavior of the consumer and help the firms in the sector to determine the production levels.

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The research is relevant to consumers as it will illuminate the effect of significant decisions involving income and spending habits. The behavior of the individual consumers influences their economic decisions regarding income utilization; this entails how the individual divides income into various needs both short-term and long-term needs. The consumption and saving decision is controlled by the rationality vs behavior of the individual. The behavioral economics indicates that present happiness and needs drive the individual to make short-term spending decisions of the income over the long-term saving decisions on income (Thaler & Ganser, 2015). A combination of the literature review and the conceptual model is a strategic approach to develop and justify a conceptual framework that supports the study hypothesis that human behavior has a direct impact on decision rationality concerning daily economics.

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Evaluation process The study calls for critical evaluation to facilitate making meaningful findings that support the study objectives. The evaluation process involves an analysis of secondary data concerning the impact of human behavior on rationality. It is essential to note various studies have been conducted to establish how economic rationality depends on human behaviors. Secondly, the evaluation process for the study also involves a critical assessment of the observations made about the decisions that organizations and individuals make with the aim of maximizing utility and happiness that comes from economic decisions (Veal, 2017). However, the cost estimation for the research proposal varies from studies to studies. It is critical to note that cost is an important factor to consider for any study because is serves the purpose of steering and motivating the participants in the study to input the maximum efforts to ensure the success of the study.

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Even though is it impossible to know the actual cost of the study, it is important to note the relevant costs that may be incurred in the study. The cost of acquiring the literature material is one of the major factors for the study cost. It is intriguing to note that some literature is not easily accessible hence some research work may require the researchers to pay for important resources for completing the study (O’Leary, 2018). It is an approach that ensures the study theory supports the topic under discussion and hence. Furthermore, other activities during the fourth week include the making presentations about how human behaviors impact rational economic decisions. Additionally, the fourth may also include an identifying the gaps in the developed study to facilitate further studies by different future scholars.

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