Years of studies of patients who don't take their meds, grownups who have unsafe sex, and other flawed decision makers have chronicled the irrationality of Homo sapiens. Some of our foibles are quite specific, like overvaluing things we have, overeating food in larger containers and overestimating the probability of improbable events — the quirk that made the Meet Barack Obama fundraising lottery such a smart idea. But in general, we're ignorant, shortsighted and biased toward the status quo. We're not as smart as Larry Summers. We procrastinate. Our impulsive ids overwhelm our logical superegos. We plan to lose weight, but ooh — a cupcake! We're especially irrational about money; we'll pay more for the same thing if we can use a credit card, if we think it's on sale, if it's marketed with photos of attractive women. No wonder we apply for mortgages we can't afford. No wonder our bankers approve them.
Michael Grunwald, TIME Magazine