Oh, god, they finally discovered that people live possessed by emotions, are ignorant, and that the model of a rational agent optimizing its payoff is just disc

Oh, god, they finally discovered that people live possessed by emotions, are ignorant, and that the model of a rational agent optimizing its payoff is just disconnected from reality nonsense?) There are huge cultural differences also. Russians are spending enormous amount of money on their mistresses using easy bank credit they barely able to pay back, while Cambodians are buying Lexus cars while living in wooden shacks, etc. While so-called poor people (read proles - ignorant working class with very restricted, repetitive behavior) are much more prone to the peer and the bandwagon effects and much more concerned about "equality" and conformity, no oversimplified economic model could capture a complex and volatile behavior even of a primitive drunk. My guess is that so-called "behavioral economics" and "behavior finance" are attempts to make more realistic and useful models, together with an important notion that the whole system is extremely dynamic, volatile and constantly changing/evolving. Equilibriums are moving.