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

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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.

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