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Rationality: What It Is, Why It Seems Scarce, Why It Matters

Cato Podcast

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A Twist on the Probability Problem

People are illogical when it comes to arbitrary rules with abstract symbols. They can be perfectly logical with certain kinds of meaningful content, such as obligations and precautions. The person under 21, a checking to see what's in his cup is just turning over the seven card - which people don't do when it's stated in terms of ds and threes orfs and sevens. It's called the content effect.

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