2 ms·
Reminds me of the trope that the choice should ALWAYS be left with consumers. Every consumer is a 'rational actor'. Reality is most humans have too many things
by NTDF9 10y ago
Reminds me of the trope that the choice should ALWAYS be left with consumers. Every consumer is a 'rational actor'. Reality is most humans have too many things going on, too many choices with not adequate info and are emotional actors.
- devereaux 10y agoYet solutions emerge, even if individual agents have zero intelligence http://www2.econ.iastate.edu/tesfatsi/Gode%20and%20Sunder-JPE.pdf http://www2.econ.iastate.edu/tesfatsi/Gode%20and%20Sunder-JP... Your lack of belief in the force of the free hand is troubling, especially when it can be proved by computer models and reality.
- coddingtonbear 10y agoTo clarify for the person you've responded to: the problem with humans isn't exactly that we individually have _too little_ intelligence, it's that the heuristics we have evolved to use for compensating for missing information include a great deal of bias. This results in the very-well-documented lack of rational actors in the real world.
- scsilver 10y agoNot to mention the distortion of rationality created by advertising.