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Predictably irrational behavior is a common human trait from "summary" of Predictably Rational? by Richard B. McKenzie
Human behavior is often seen as rational and logical. However, the reality is quite the contrary. We, as humans, are predictably irrational in our decision-making processes. We tend to make choices that go against traditional economic theories, showing that our behavior is not always driven by logic. This irrationality is a common trait that is shared by most individuals, regardless of their background or circumstances. One of the key reasons behind this predictably irrational behavior is our reliance on heuristics and biases. These mental shortcuts and cognitive biases lead us to make decisions that may not always be in our best interest. We tend to rely on these shortcuts when faced with complex situations or when we have limited information. As a result, we often make choices that are influenced by factors such as emotions, social pressures, or past experiences, rather than pure ...
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