Differentiating rational and irrational decision making

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Using the Internet on the differences between rational and irrational decision making. These terms aren't static and are relatively fluid (in other words our interpretation of what is rational or irrational can change with circumstances or time).

For this project consider the fact that at one point in US history the decision to own slaves was considered rational and informed. Today we would consider the decision to own slaves "irrational".

For this project identify one other example of a decision (past or present) that was once considered "rational" but that is now reviewed as "irrational". Do not analyze a personal decision but one from a published or academic source.

Explain, in detail, why the decision was once considered "rational" but would now be considered "irrational".
Identify the decision theory from our learning in Unit 2 you believe was used in the original decision making within your example. You may select from expected utility theory, prospect theory, regret theory, pseudocertainty, satisficing, or noncompensatory strategies (all theories learned in Unit 2). Be sure to fully support "why" the theory you selected was present. Simply naming a theory won't be enough...you need to support your answer.

Reference no: EM1333989

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Differentiating rational and irrational decision making : Using the Internet on the differences between rational and irrational decision making.

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