Rational choice theory is a framework for understanding social and economic behavior based on the assumption that individuals make decisions by weighing the costs and benefits of different options and choosing the one that maximizes their utility or satisfaction. It is a key concept in various social sciences, including economics, sociology, political science, and psychology.

Key aspects of rational choice theory include:

1. Individual Decision-Making: Rational choice theory focuses on the decisions made by individual actors, whether they are consumers, voters, criminals, or organizational leaders. It assumes that individuals are rational agents who make choices based on their preferences, goals, and beliefs, with the aim of maximizing their utility or achieving their objectives.
2. Utility Maximization: Rational choice theory posits that individuals seek to maximize their utility, which is a measure of satisfaction, happiness, or well-being derived from consuming goods, achieving goals, or fulfilling desires. Utility is subjective and varies across individuals, as people have different preferences, values, and priorities.
3. Cost-Benefit Analysis: Rational choice theory emphasizes the importance of cost-benefit analysis in decision-making. Individuals weigh the potential costs and benefits of different options, considering factors such as monetary costs, time, effort, risk, and uncertainty. They choose the option that offers the greatest net benefit or utility, given their constraints and preferences.
4. Methodological Individualism: Rational choice theory adopts a methodological individualist perspective, focusing on the actions and decisions of individual actors as the building blocks of social phenomena. It seeks to explain collective outcomes and social structures as the aggregate result of individual choices and interactions, rather than relying on collective or group-level explanations.
5. Formal Models and Game Theory: Rational choice theory often employs formal models and mathematical techniques, such as game theory, to analyze decision-making in strategic interactions and social situations involving multiple actors. Game theory provides a framework for studying how individuals make decisions in situations where their actions affect the outcomes for others, such as bargaining, cooperation, and competition.
6. Critiques and Limitations: Rational choice theory has been subject to critiques and limitations, particularly regarding its assumptions of individual rationality and utility maximization. Critics argue that humans are not always perfectly rational and may be influenced by emotions, biases, and cognitive limitations in their decision-making. Additionally, rational choice theory has been criticized for its focus on individual-level explanations and its neglect of social norms, institutions, and cultural factors that shape behavior.

Overall, rational choice theory provides a useful framework for understanding individual decision-making and strategic interactions in various social contexts. While it has been influential in shaping research and theory in the social sciences, it is not without its limitations, and scholars continue to debate its applicability and explanatory power in different domains of social life.