#712 Lionel Page - Optimally Irrational: The Good Reasons We Behave the Way We Do

Dec 2, 2022

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Dr. Lionel Page is a Professor of Economics and Director of the Behavioural and Economic Science Cluster at the University of Queensland. He is interested in understanding how people make decisions, alone or in groups. He is the author of Optimally Irrational: The Good Reasons We Behave the Way We Do.

In this episode, we focus on Optimally Irrational. We start by discussing what it means to be optimally irrational, and how rationality has been traditionally studied in economics. We talk about biases, replacing the H. economicus model, and adding an evolutionary lens to human behavior. We then go through some psychological phenomena, including rules of thumb and gut feelings; reference-dependence and loss aversion; overweighting the probabilities of extreme outcomes; preferences; kindness and reciprocity; emotions; commitment; social identity; indirect speech, ambiguity and innuendos; and overconfidence and self-deception. Finally, we discuss what rationality is.

A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: KARIN LIETZCKE, ANN BLANCHETTE, PER HELGE LARSEN, LAU GUERREIRO, JERRY MULLER, HANS FREDRIK SUNDE, BERNARDO SEIXAS, HERBERT GINTIS, RUTGER VOS, RICARDO VLADIMIRO, CRAIG HEALY, OLAF ALEX, PHILIP KURIAN, JONATHAN VISSER, JAKOB KLINKBY, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, JOHN CONNORS, PAULINA BARREN, FILIP FORS CONNOLLY, DAN DEMETRIOU, ROBERT WINDHAGER, RUI INACIO, ARTHUR KOH, ZOOP, MARCO NEVES, COLIN HOLBROOK, SUSAN PINKER, PABLO SANTURBANO, SIMON COLUMBUS, PHIL KAVANAGH, JORGE ESPINHA, CORY CLARK, MARK BLYTH, ROBERTO INGUANZO, MIKKEL STORMYR, ERIC NEURMANN, SAMUEL ANDREEFF, FRANCIS FORDE, TIAGO NUNES, BERNARD HUGUENEY, ALEXANDER DANNBAUER, FERGAL CUSSEN, YEVHEN BODRENKO, HAL HERZOG, NUNO MACHADO, DON ROSS, JONATHAN LEIBRANT, JOÃO LINHARES, OZLEM BULUT, NATHAN NGUYEN, STANTON T, SAMUEL CORREA, ERIK HAINES, MARK SMITH, J.W., JOÃO EIRA, TOM HUMMEL, SARDUS FRANCE, DAVID SLOAN WILSON, YACILA DEZA-ARAUJO, IDAN SOLON, ROMAIN ROCH, DMITRY GRIGORYEV, TOM ROTH, DIEGO LONDOÑO CORREA, YANICK PUNTER, ADANER USMANI, CHARLOTTE BLEASE, NICOLE BARBARO, ADAM HUNT, PAWEL OSTASZEWSKI, AL ORTIZ, NELLEKE BAK, KATHRINE AND PATRICK TOBIN, GUY MADISON, GARY G HELLMANN, SAIMA AFZAL, ADRIAN JAEGGI, NICK GOLDEN, PAULO TOLENTINO, JOÃO BARBOSA, JULIAN PRICE, EDWARD HALL, HEDIN BRØNNER, DOUGLAS P. FRY, FRANCA BORTOLOTTI, GABRIEL PONS CORTÈS, URSULA LITZCKE, DENISE COOK, SCOTT, ZACHARY FISH, TIM DUFFY, TRADERINNYC, SUNNY SMITH, AND JON WISMAN!

A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, JIM FRANK, ŁUKASZ STAFINIAK, IAN GILLIGAN, LUIS CAYETANO, TOM VANEGDOM, CURTIS DIXON, BENEDIKT MUELLER, VEGA GIDEY, THOMAS TRUMBLE, AND NUNO ELDER!

AND TO MY EXECUTIVE PRODUCERS, MICHAL RUSIECKI, JAMES PRATT, MATTHEW LAVENDER, SERGIU CODREANU, AND BOGDAN KANIVETS!