Saturday, 16 January 1999

From "Shrewdly Irrational"

By Robert H. Frank.

Cognitive capacity is a scarce resource like any other. As Etzioni observes, it takes hard work to be rational. To gather the information and do the calculations implicit in naive descriptions of the rational choice model would consume more time and energy than anyone has. More important, by the strict terms of the very same model, it would not be rational! Anyone who tried to make fully-informed, rational choices would make only a handful of decisions each week, leaving hundreds of important matters unattended.

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