People are notoriously irrational when money becomes involved. 

It has no place in determining your acquisition price aside from how your exit price coupled with current cash flow effects your IRR at any given purchase price.That said, your financing rate is only relevant to your strategy, which makes it impossible for anyone on this forum to answer your question given what was asked.

., and invest based on the data.In 1996 Robert Shiller said the stock market was irrational.

Doesn't that encourage the kind of irrational exuberance that created your housing bubble?

You'll make irrational and emotional decisions rather then executing your plan.

It's irrational to stereotype and entire group people.

I am selling a house... in order to ensure buyer actually qualifies for the mortgage, I typically  ask that he qualifies with my mortgage lender as well (mortgage lender is a friend of mine and I have asked him to please check in detail all income documents and bank statement before pre-qualifing my buyers)..Buyer is a first time buyer and is a bit irrational.... does not want to do it.... he will not sign my counteroffer asking him to make this step. 

It is helped a little by prop 13 as is your RE but it is irrational for me to keep yet I continue to keep it. 

The meters use rational numbers to describe irrational numbers; you can get really really close but very difficult to be absolutely precise (always going to have a +/- tolerance).As others have pointed out, if the meter ticked over ever time 'any' water moved through the system, every hand wash, glass of water, tooth brushing would get dinged.

Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions by Dan Ariely5.