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In “The Economic Approach to Human Behavior,” Gary Becker describes his explanation of “the economic approach” as being how individuals choose the price they are willing to pay for a good as a rational choice determined by the payoff of the good, based on their preferences for that good. Becker believes that prices, preferences, payoffs, and costs may include intangibles or unknowns. Thus Becker’s “economic approach to human behavior” is the belief that any human decision can be explained by a cost-benefit analysis by the decision-maker with the available information, where he/she decides the utility gained by making that choice is greater than the cost. The amount of information collected to make a decision is also determined by the preferences toward the amount of information necessary to make a decision and cost of acquiring that information. He believes that just because the preferences behind an individual’s decision are not understood, does not mean that individual did not make a rational decision. Using this approach, all human behavior and decisions can be rationalized b…