Does Richard Thaler think people are irrational?
I prefer not to label people as 'irrational.' Instead, I describe them as 'predictably irrational.' This means we deviate from strict rationality, but our deviations are often systematic and understandable. We are influenced by heuristics, biases like loss aversion or present bias, and social context. Understanding these predictable patterns allows us to anticipate behavior and design better systems, rather than assuming perfect logic.
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