Interesting read about the irrationality of our behaviors and its context
In an economically rational world, individuals will maximize personal advantage by carefully weighing the costs and benefits of each of their decisions. Yet research in Behavioural Economics (BE) and Social Cognition has shown that people often make decisions that violate the axioms and models of standard economic theory- we choose immediate, smaller rewards over waiting for larger ones, we engage in behaviour that is damaging to health such as smoking and binge drinking and in general, we behave in ways that are seemingly against our own self interests. This evidence has led to the belief that human beings are irrational decision makers – and this irrationality can have economic, personal and social costs.
Irrationality, bias, fallacy- these have clear negative connotations. Often found to be the reason why we don’t take our medication, drink and drive, shop excessively and buy unhealthy food items in the supermarket, they form a…
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