Are All Households Homogeneous and Rational, at Least as Defined

question 76

Essay

Are all households homogeneous and rational, at least as defined by economists?

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Definitions:

Rule Consequentialism

An ethical theory that suggests the moral correctness of an action depends on the consequences of following rules that are designed to promote the greatest good.

Classical Utilitarians

Philosophers such as Jeremy Bentham and John Stuart Mill who advocated for utilitarianism, a moral theory that actions are right if they result in the greatest happiness for the greatest number of people.

Act Consequentialists

Ethical theorists who evaluate the morality of an action based solely on the outcomes or consequences it produces.

Utilitarian Decision

A decision-making process that maximizes overall happiness and minimizes overall pain, in line with utilitarian principles.