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We afford automatic respect to superstar business moguls, politicians, and actors and to anyone flying around in a private jet, as if their accomplishments must reflect unique qualities not shared by those forced to eat commercial airline food. And we place too much confidence in the overly precise predictions of people - political pundits, financial experts, business consultants - who claim a track record demonstrating expertise.
The theory of rational action may therefore fail, because it is unable to produce unique prescriptions and predictions. It may also fail if the agents' behavior does not conform to predictions, whether these are unique or not; that is, if the agents are irrational. There are multiple sources of irrationality, hot or cold.