Rationalizable Irrationalities of Choice

Although seemingly irrational choice abounds, the rules governing these mis‐steps that might provide hints about the factors limiting normative behavior are unclear. We consider three experimental tasks, which probe different aspects of non‐normative choice under uncertainty. We argue for systematic statistical, algorithmic, and implementational sources of irrationality, including incomplete evaluation of long‐run future utilities, Pavlovian actions, and habits, together with computational and statistical noise and uncertainty. We suggest structural and functional adaptations that minimize their maladaptive effects.