there are three conditions that will lead to market efficiency – Rationality, Independent Deviations from Rationality, and Arbitrage

According to Andre Shleifer, there are three conditions that will lead to market efficiency – Rationality, Independent Deviations from Rationality, and Arbitrage. However, according to behavioral finance theories, the above conditions are not likely to hold in reality. Explain from a behavioral finance perspective, why the above three conditions are not likely to hold up in real world scenarios