what would be the alternative views of rationality of economic decision makers in microeconomics.?

Question

Please help this queation is boggling my brain

Answer 1

Rational economic decision in microeconomics requires actors know what the are doing and maximize their own welfare.
Altruism, emotions, imperfect knowledge, ties to friends and family, the effects of institution, social norms and the desire for fair outcomes all interfere with peoples maximizing behavior. Some economist have suggested that people use rules of thumb to make decisions. Others that societies create institutions and social norms to limit behavior to make decisions manageable. There is also search theories that take into account the time needed to make knowledgeable decisions. The Austrian school economists have a lot to say about the limits of rational behavior. If you need more information see
http://web.uconn.edu/ciom/EEJ1985corrected.pdf

Answer 2

It is really mind boggling. supposedly economic decision makers are to decide not only based on technical economic data, but on the impact of such decision to the society. It's basically weighing options in which I know they practice. Problem is, sometimes, there are bitter pills to swallow, we need to sacrifice many things to reach economic goals.

It is never easy.