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Rational Minds Part 5: Heuristics Make Us Smart - Gerd Gigerenzer

The Joe Walker Podcast

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How to Justify an Already Made Decision

Economic theory has several definitions of rationality, the most clearest one is consistency. So there are a number of axioms like transitivity, independence that are necessary and sufficient for representation of a decision in form of a utility curve. It is very clear that this definition is not the same as what we think in every day about rationality.

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