[A]s behavioral economics shows, in many situations our behavior - TopicsExpress

[A]s behavioral economics shows, in many situations our behavior is far from rational. Demand for a product, the choices we make, or the price someone is willing to pay, can all be easily influenced. Furthermore, evolutionary psychology shows that much of this irrational behavior is a consequence of our evolutionary history . . . . What this implies is that it is time to rethink economic theory. An economic system based only on market norms and assuming full rationality is clearly incomplete, even invalid.

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