Would "Humans are not always perfectly rational." be preferable?
(meaningin this case that in a large enough group, it is very likely that a portion of the group will make sub-optimal decisions)
Whereas some economic models would model every person as always making the optimal choice.
So expressing the idea of this assumption being false might be useful, and ideally if one is talking about it often, it would probably be good to be able to refer to the concept in a concise way.
Hence, as a shorthand, saying "humans are not perfectly rational."
(meaningin this case that in a large enough group, it is very likely that a portion of the group will make sub-optimal decisions)
Whereas some economic models would model every person as always making the optimal choice.
So expressing the idea of this assumption being false might be useful, and ideally if one is talking about it often, it would probably be good to be able to refer to the concept in a concise way.
Hence, as a shorthand, saying "humans are not perfectly rational."
I think that's correct reasoning?