PSYCHOLOGY OF EMOTIONS

Detailed explanation-1: -A pioneering figure in establishing rational choice theory in sociology was George Homans (1961), who set out a basic framework of exchange theory, which he grounded in assumptions drawn from behaviourist psychology.

Detailed explanation-2: -Exchange Theory is the “perspective that individuals seek to maximize their own private gratifications. It assumes that these rewards can only be found in social interactions and thus people seek rewards in their interactions with each other".

Detailed explanation-3: -Discussion of the Paper “A Behavioral Model of Rational Choice", by Herbert A. Simon.

Detailed explanation-4: -The theory was proposed by economist Adam Smith in 1776. He used the rational choice theory to describe how the free market can actually benefit from people acting in their own self-interest.