Michel Pireu Columnist

Most of us like to think of ourselves as capable of logical thinking and making sensible choices, of being rational. Some of us might even fancy ourselves as a bit of a homo economicus — the economists’ ideal man, always making the best decisions given the available evidence, even hedging against ignorance and uncertainty.

Unfortunately, this is simply not who we are. As decision-makers, we simplify, misunderstand, lack ability, miscalculate, forget, and make evaluations of alternatives that depend on seemingly irrelevant details.

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