4 ms·
Seeing as the "irrational" actor outperforms the "rational" actor, we should be happy real people are "irrational" at least some of the time.
by aakilfernandes 11y ago
Seeing as the "irrational" actor outperforms the "rational" actor, we should be happy real people are "irrational" at least some of the time.
- boxy310 11y agoThis is probably because evolution operates on a genetic systematic basis, rewarded by external outputs. Capacity for rational thought is a side effect of this process, and does not necessarily proceed from first principles like much of economics would prefer.
- JupiterMoon 11y agoI.e. classical rational economics is wrong -- and you provide a first principle reason why (adding to the experimental stuff I already knew about).