You are not irrational

'The end of Behavioral Economics,' declares a tweet from Nassim Nicholas in his typically dramatic fashion. He's retweeting a forbiddingly (for me!) technical article in the journal 'Nature Physics' with the title 'The ergodicity problem in economics.' The article is written by a statistician named Ole Peters who is a fellow at the London Mathematical Laboratory. Even though, at a cursory glance, the paper may appear to be about some arcane matters of mathematics and/or economics, it actually has a direct connection to how you and I absorb investment news and analysis and how we react to it. For example, you will find a direct connection between the recent turmoil in fixed-income mutual funds and this discussion. It so happens that almost all the invest