The Importance Of Rational Choice Theory In Community Development
Levin and Milgrom (2004) and Scott (2007) stated that individual decision-making shapes the basis for nearly all of microeconomic analysis; that rational choice is defined to mean the process of determining what options are available and then choosing the most preferred one according to one’s criterion. Simply, rational choice model is an optimization-based approach (Levin & Milgrom, 2004). Moreover, Scott added that RCT establishes social interaction as social exchange demonstrated on economic action; that people are motivated by the rewards and costs of actions and by the profits that they can make (Scott, 2007). A major time criticism for this RCT is that the actual, real-world options can often be found to be substantially situational or context-dependent (Levin & Milgrom, 2004). In this study, townspeople from Anao have valid reasons on when, where and how will they invest their time. The municipality took advantage to the concern of Anaoeños and offered free entrepreneurial training and seminars in the two satellite barangays . These both benefited the residents and the institution; first, folks had increased their knowledge bases as regards to the livelihood program, and the latter is expanded their networks and connections, and established possible linkages and partnerships for future investments (See pp.80-81). When rational choice theory is applied in the context of community development, the theory concerns on how to find appropriate rewards and minimize the risks
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