"But Prof Cochrane correctly identifies consistency as the most prized virtue in economic reasoning. If I am faced with the same menu of options, I will always make the same choice. This is the premise on which rational choice models are based. Such models not only dominate economics but have been widely used across the social sciences."- John Kay
But people are incapable of making rational choices if important information is withheld. In most cases paradigms have no relation to reality; this is because most people claiming to be financial advisors are salesmen.
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