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Behavioural economics exposes just how irrational people are

Richard Thaler's rise may be just another example of human misjudgment. Or he might be onto something.

It's obvious to anyone who pays any attention at all to himself or his fellow human beings that we are not maximisers, or optimisers, or logical, or even all that sensible.

I'M not sure we're living in an age of disruption, or just an age that badly wants to think itself disruptive, but either way there's been a lot of rethinking going on the past decade or so. The biggest upheavals have come in industries in which managers have always made decisions more or less...

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