Follow the trends, learn the rules and then play the strategies. There are two types arbitragers in my eyes: short-horizon profit-maximizing entrepreneurs and long-run welfare-maximizing charities. The word "arbitrager" is neutral in my dictionary.
Rational arbitragers can be defined based on their valuations to the time, the life, and the world. It's difficult to make the simple judgement of whether one single behavior is raional or not. Learn the circumstances, the relative comparisons and the ultimate goal of one action. Look forward, forward and forward.
The variety of rationalities definitions shows complexities of life.
Why to learn the behaviors? To learn better about the thinking pattern and help the evolution in a way we thought better so far. Who you are determines what you do and how you do. The uniqueness of behaviors...
(to be coninued)