It can be rational to accept the responsibility of high risk/high reward behavior, on specific occasions and under specific circumstances. The trick is recognizing those occasions and circumstances and also recognizing when your mind is fooling you into believing “THIS TIME IS DIFFERENT”.
A rational agent is Warren Buffet. An irrational agent is Ralph Cramden. Both accept high risk/high reward situations. One is rational about that responsibility. The other is not.
Also, in a world of both rational and irrational agents, in a world where the rational agent must depend upon the irrational, it is sometimes rational to think irrationally!
It can be rational to accept the responsibility of high risk/high reward behavior, on specific occasions and under specific circumstances. The trick is recognizing those occasions and circumstances and also recognizing when your mind is fooling you into believing “THIS TIME IS DIFFERENT”.
A rational agent is Warren Buffet. An irrational agent is Ralph Cramden. Both accept high risk/high reward situations. One is rational about that responsibility. The other is not.
Also, in a world of both rational and irrational agents, in a world where the rational agent must depend upon the irrational, it is sometimes rational to think irrationally!