In seeking to maximize benefits from action they will rank their preferences before making any choices 4. Once they have ranked preferences they will determine all possible options for obtaining their preferences 5. All of these options will then be evaluated, using all available evidence. Finally, the person will choose the option that gets them the most benefit according to the preferences they ranked. There are many shortcomings to the assumption of rationality 1.
Humans have general cognitive limits.
Human psychology may make rational choice at times impossible. Time may keep rational choice from being possible 4. The law of supply and demand A. Law of supply 1. As price rises - supply will rise. As price falls supply will fall.