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The "reasonable irrationality" principle

So, what decisions are considered sound? Foundational theories in neo-classic economics address this question by pointing to the concept of rationality. A rational person is aiming to maximize their preferences, to de facto pursue their self-interests. According to economists, a rational person uses abstract rules,... click to read more

  • Igor Grossmann | Professor at Department of Psychology, University of Waterloo, Waterloo, Canada
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Reading time 3.5 min
published on Aug 26, 2020