In discussing rational choice theory (RCT) as an explanation of demand behavior, Becker (1962, Journal of Political Economy, 70, 1-13) proposed a model of random choice in which consumers pick a bundle on their budget line according to a uniform distribution. This model has then been used in...

Rational choice theory (RCT) models decision makers as utility maximizers and is often defended via an as-if argument. According to this argument, although real individuals do not consciously maximize their utility function, their choices can be explained as if they were generated by utility...

In discussing rational choice theory (RCT) as an explanation of demand behavior, Becker (1962, Journal of Political Economy, 70, 1–13) proposed a model of random choice in which consumers pick a bundle on their budget line according to a uniform distribution. This model has then been used in...