Skip to content
Rationality

Why we misremember the past

The evidence is clear, the incentives are not, and the incentives usually win.

A lone figure climbing a pale stone staircase towards an arched window filled with light
A stairwell, lit from above. Photograph: The Unreasonable Human

Economists have spent decades modelling choice as a quantity. It behaves more like a weather system. The measure that matters is not what people say about choice but what they do when nobody is scoring. Notice how rarely anyone is argued out of the receipt, and how often they are simply moved past it by a change in circumstance. The honest conclusion is uncomfortable for reformers: people are not waiting to be corrected.

Where the model breaks

A pattern this consistent is not a character flaw. It is a design feature, and design features can be worked with. The measure that matters is not what people say about choice but what they do when nobody is scoring. The strange thing about the receipt is not that it exists but that it works, most of the time, for most people. The point is not that people are foolish. The point is that choice is expensive, and we economise on it like everything else.

RationalityRiskHappiness
Alina Petrova
Alina Petrova — Editor-in-chief

Alina Petrova is a Year 12 student preparing to apply to university, and the founder and editor of The Unreasonable Human. She reads across psychology, economics, behavioural science and neuroscience, and writes about the gap between how people are supposed to decide and how they actually do.

Follow
Read next

More on how we decide

All essays →
People crossing a sunlit concrete hall
Ideas

Rationality is a human endeavour

Pale pink blossom on thin branches in front of a raw concrete wall
Behaviour

Why good people make bad decisions

Illustration of a head in profile facing two overlapping rust-red circles and a cluster of thin vertical lines
Economics

The price of being kind

Ideas worth reading. Every week.

Essays, data and ideas on economics, rationality and why we do what we do.

No spam. Just thoughtful ideas.