You know, rationality is something that Eugene Fama is claiming that exists, when you are having the prices and the relevant information inside your head, and this means that we are finding efficiency in the markets. So, rationality is always bounded, and we cannot think of all things at all places with all kinds of variables, parameters and factors, but we are using information and we are acting in sensible ways, and that is about rationality. Rationality is about making decisions due to clear thought and and reason, and that is the situation when there is coming information to the markets, and otherwise there is nothing to be engaged with. And irrationality, that is about making stupid decisions, or decisions that people are not convenient with, and we should ignore doing too much decisions with bad purposes and aims about what is going on. Irrational behavior means cognitive behavior things are illogical or delusional, and this means that we are using thinking without thoughts or clear reasons about what is going on. And Robert Shiller is a representant for this way of thinking, and he is saying that the humans are not always rational in the ways that they are acting, but sometimes do things in stupid and/or wrong manners.
You know, we do not remember too much about any things, but we are free, and we can use the information from earlier times, and we are soon in the same and the better situations than ever before since we shall see what we were engaged with earlier, and we can comment it, and making more and better associations of the information, and this is how we are understanding things. And you know, decisions in business life are either sensible or they are stupid, and we know all things about many dissertations, and we cannot be sure about their processes and effects in other countries than Norway, and therefore much of such writing is just to a library, and many dissertations are not read by the population in general. So, when we are in life, regardless of where we are and why we are as we are, we are faced with making decisions in new and in established environments, and sometimes there is information there, and sometimes there is no information, and we should cope with the certainty and the uncertainty in life, and sometimes we are open and free, and sometimes we are closed and restricted to something, and this is how life is lived in any environment, and we are making use of our senses to understand and to explain what is going on in different places.
You know, humans are operating in freedom and in creative and frozen environments with thinking, feeling and beliefs, and therefore we are developing ourselves through the whole life, and there are nothing special with many Norwegian schools at all levels, but think that Denmark has good enough quality on the schools to be ranked as one of the 100 best universities and business schools in the world, and Norway has not reached that position forever and ever, and Norway is a little country, but it has its funtions, and ways of being at home and abroad, and we should make conversations of different lengths when trying to cope with uncertainty, and for bringing stability, harmony and peace and order in environments where there are too much confusions. And you know not knowing it today, but there are no schools in Norway that are ranked among the 100 best schools in the world, and we are a little country in the north, giving some pleasures, utilities and information about what is happening.
So, what is really the situations with many humans at all levels? Well, they are thinking or not thinking, and they are confused or clear during the tasks they are doing through the days, and the tasks are always filled with variations, and some are doing the same works as other people, and some are doing different works in relation to other people that we either know or not know from before, and some people do not like to meet new people, and some like it, and therefore the attitudes to meeting domestic and foreign people are closed and strange or they are open and clear. So, we can discuss why Fama and Shiller are meaning what they are meaning, but any contribution of humans are within the philosophy of treating the human nature by David Hume!
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