Irrational with Respect to What?

In Thinking Fast and Slow, Daniel Kahneman draws on a lot of empirical studies where subjects make clearly irrational decisions.  A choice throws an exception in an otherwise functional heuristic, and the subject takes an action that doesn't promote his or her stated goal.  But one of the studies Kahneman cites doesn't seem to fit into this model.In the experiment, subjects placed a hand into painfully cold water and had to keep it there for 60 seconds.  After a break, they put their ot … [Read more...]