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Research conducted in the lab of Professor Christopher Summerfield has offered insights into why people sometimes make "irrational" choices about economic goods. For example, faced with choices among three goods - for example, apples, oranges and pears - humans who prefer apples over oranges, and oranges over pears should also prefer apples over pears. However, we sometimes show "intransitive" choices that violate this rational principle (e.g. preferring pears over apples).
Read more (Department of Experimental Psychology website)