Firstly, you should understand that the concept of  rational expectaion is just a important assumption in economics, since it is just an assumption, it is obvious that it may contradicte with our normal life. You could not say that the models based on this assumption are wrong as they the logic behind the theory is consistent.
As for the datail of rational expectations, we could define the expectations as being identical to the 
optimal forcast that uses all available information. 
There are many famous models applied the concept to set the models, such as the Lucas supply curve, while the concept was firstly denoted by Muth 1961, if you want to know the detail of it, you could read the papers, Lucas 1972 JET and Sargent, Thomas J. and Neil Wallace 1973 Econometrica
 5# dieme