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Beautiful Game Theory by Ignacio Palacios-Huerta

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10

FROM ARGENTINA WITHOUT EMOTIONS

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© TAWNG/STOCKFRESH

Psychologists and others in recent years have placed great emphasis on limits on individual rationality, but people train themselves to reduce and sometimes more than fully overcome their emotions.

—GARY BECKER 1996

PEOPLE ARE BOTH EMOTIONAL AND RATIONAL. THEY HAVE PASSIONS AND THEY have interests (Hirschman 1977). It may not come as a big surprise, but in scientific research, it is often not trivial to delineate between rationality and emotions. Although the rationality principle provides excellent guidance to understand human acts, it is sometimes difficult to know when we can expect one ...

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