Sublime
An inspiration engine for ideas
rationality is a method of dealing with uncertainty by devouring information and making simplifying assumptions about the outside world until you can convince yourself that you understand it
hinterlander • Tweet
“If something looks irrational – and has been so for a long time – odds are you have a wrong definition of rationality.” – Taleb
Morgan Housel • Makes You Think
Look at any business, talk to anyone you know, and you will see prudent, thoughtful actors. But look at the sum total of their actions, and sometimes it will seem without rhyme or reason, bordering on chaos. The sum of individually rational actions can be the genesis of a crisis.
Richard Bookstaber • The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
One of the problems with being "rational" in your own estimation is that you are probably only being rational about one dimension of a surprisingly complex situation
Davidtwitter.com
How Behavioral Economics is Dangerous BS. Very dangerous. https://t.co/nEXvAudTj1
Realistically, agents not identical, don’t know other agents’ circumstances or likely behavior; or situation complicated and not fully known. There is fundamental uncertainty: Therefore “the problem” is not well-defined; Therefore “rationality” is not well-defined; Therefore “optimal” behavior is not well-defined; Behavior and outcome unlikely to b
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