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Are consumers “rational”? Are you always “rational”? In other words, do you always act with the best available information, and analyze your decision with respect to all alternatives, considering all risks, and balancing off all criteria? Please discuss a major purchase (car, house, education…) or life decision (moving jobs, moving house, starting a family, getting married…) you have made. How did you go about making that decision? Were you fully “rational” in making that decision? If not, what does this tell us about the assumption of rational “homo economicus” or “economic human” that is central to much economic thinking?

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