Public choicePublic choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science". Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways – using (for example) standard constrained utility maximization, game theory, or decision theory.
Rational choice theoryRational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand.
Axiom of choiceIn mathematics, the axiom of choice, abbreviated AC or AoC, is an axiom of set theory equivalent to the statement that a Cartesian product of a collection of non-empty sets is non-empty. Informally put, the axiom of choice says that given any collection of sets, each containing at least one element, it is possible to construct a new set by arbitrarily choosing one element from each set, even if the collection is infinite. Formally, it states that for every indexed family of nonempty sets, there exists an indexed set such that for every .
Constructive set theoryAxiomatic constructive set theory is an approach to mathematical constructivism following the program of axiomatic set theory. The same first-order language with "" and "" of classical set theory is usually used, so this is not to be confused with a constructive types approach. On the other hand, some constructive theories are indeed motivated by their interpretability in type theories. In addition to rejecting the principle of excluded middle (), constructive set theories often require some logical quantifiers in their axioms to be set bounded, motivated by results tied to impredicativity.
Discrete choiceIn economics, discrete choice models, or qualitative choice models, describe, explain, and predict choices between two or more discrete alternatives, such as entering or not entering the labor market, or choosing between modes of transport. Such choices contrast with standard consumption models in which the quantity of each good consumed is assumed to be a continuous variable. In the continuous case, calculus methods (e.g. first-order conditions) can be used to determine the optimum amount chosen, and demand can be modeled empirically using regression analysis.
Consumer choiceThe theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors.
Actual infinityIn the philosophy of mathematics, the abstraction of actual infinity involves the acceptance (if the axiom of infinity is included) of infinite entities as given, actual and completed objects. These might include the set of natural numbers, extended real numbers, transfinite numbers, or even an infinite sequence of rational numbers. Actual infinity is to be contrasted with potential infinity, in which a non-terminating process (such as "add 1 to the previous number") produces a sequence with no last element, and where each individual result is finite and is achieved in a finite number of steps.
Zermelo–Fraenkel set theoryIn set theory, Zermelo–Fraenkel set theory, named after mathematicians Ernst Zermelo and Abraham Fraenkel, is an axiomatic system that was proposed in the early twentieth century in order to formulate a theory of sets free of paradoxes such as Russell's paradox. Today, Zermelo–Fraenkel set theory, with the historically controversial axiom of choice (AC) included, is the standard form of axiomatic set theory and as such is the most common foundation of mathematics.
Decision-makingIn psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.
Set theorySet theory is the branch of mathematical logic that studies sets, which can be informally described as collections of objects. Although objects of any kind can be collected into a set, set theory, as a branch of mathematics, is mostly concerned with those that are relevant to mathematics as a whole. The modern study of set theory was initiated by the German mathematicians Richard Dedekind and Georg Cantor in the 1870s. In particular, Georg Cantor is commonly considered the founder of set theory.
