Social influences: Do we just follow the crowd?
Social psychologists think that the idea of us being rational individuals doesn’t make much sense. Instead, they say, our views are embedded into our experiences – we’re influenced by our past, our circumstances, and the people around us.
Values & cultures: How does our background affect our decisions?
Even if we’re not maximising or optimising anything, we’re not necessarily being irrational, or inconsiderate of economic factors in our decisions. We might just be guided by belief systems that go beyond the borders of economics, like spirituality, values, and principles.
Perfect information: Do we ever know enough to make a good decision?
However rational or irrational our thinking process might be, we can’t be totally sure that we’ve made a good decision unless we have access to all the information available on the subject at hand. Someone might be hiding things from us, we may simply not have found out yet, or it might be impossible to know – either way, perfect information might not be possible.