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Tasneem Azim's avatar

In economics, we assume that consumers are always rational; they buy goods and services which maximises their utility, although there are certain other things which refute the idea. For example, transitivity: A>B, B>C so A>C says the person will follow a predictable pattern always, but at times its violated, thus irrational. The branch of Behavioural Economics studies exactly what you have explained here. Science and economics are similar more than we can expect.

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Greg Williams's avatar

Wonderfully well written and explained. Odd that we both pulled the “thinking fast and slow” concept from the air. Oddly I hadn’t even read the book or your post first. You’ve really explained the concept well. Subscribed!

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