Graybeard
Well-Known Member
This really applies to the benefits of thinking *out of the box*
Who will win when everyone does that same thing?
Who will win when everyone does that same thing?
If everyone copies or mimics (parrots) everyone else --how can they win? You can only divide the pie into so many slices* until it becomes worthless or gets disrupted ...and the game goes on. Think about it ....A paradox of rationality is a game-theoretic concept whereby actors acting rationally produce sub-optimal results for the system. It suggests that the system-wide rational choice is for some or all actors to individually act irrationally.
Who Came Up With Rationality vs. Irrationality?
The concept of "rationality" has been around for centuries to describe some objectively optimal course of action that one can undertake. Thinkers like Rene Descartes, Benedict Spinoza, and G.W. Leibniz worked on rationality in the 17th century, and social theorists like Adam Smith, Karl Marx, and Max Weber explored it in the 19th century. Modern conceptions of rationality are often attributed to Alfred Marshall and the advent of mainstream (neoclassical) economics.
How Can Irrationality Be Rational?
If everybody acting in their own self-interest behaves individually rationally, it can create problems for everyone else. For example, if everybody uses a traffic-beating GPS algorithm that routes them on the best route, those newly-routed vehicles can actually create even greater traffic jams along smaller side streets. Thus, it is best for some drivers to take an otherwise sub-optimal route in order to keep traffic optimized in the whole city.
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Paradox of Rationality: What It Is and How It Works
The paradox of rationality is the empirical observation that players who make irrational choices often receive better payoffs than those making rational choices.www.investopedia.com
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