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Economic theory assumes consumers are rational. Still, in practice, we see a lot of irrational behavior. Give an example(s) of irrational economic decision-making.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter32: Building Theories To Explain Every Day Life: From Observations To Questions To Theories To Predictions

Section32.6: Observation/thought 4: Criminals Are Not Rational

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Economic theory assumes consumers are rational. Still, in practice, we see a lot of irrational behavior. Give an example(s) of irrational economic decision-making.

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