The science behind human irrationality just passed a huge test — Cathleen O’Grady

Summary:
Behavioral economics vindicated. This 1979 Kahneman-Tversky study and its contemporary replication is about loss aversion. There are many, many more cognitive-affective biases affecting rationality. There is also illogic, since most people are not trained in either critical thinking or rigorous scientific method, and mathematical innumeracy is high, especially when the long term is included, as it is in many economists' assumptions about rationality and maximization. Then there is connotation of terms in addition to denotation, where the connotation carries an emotional charge. Persuasion — real advertising, PR and propaganda — are based on this. People also often choose and act against their own assumed "better" interests eg., economic interests, since interest is determined by

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