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The biggest problem I run into with this is that I believe the bounds of rationality for different individuals had far more variability than is accounted for. I
by culturalzero 9y ago
The biggest problem I run into with this is that I believe the bounds of rationality for different individuals had far more variability than is accounted for. I suppose it's still useful to look at for a perspective on some things though
- NhanH 9y agoI know nothing of modern economics, but couldn't you just model the rationality of individual as a random variable like everything else?
- deleted 9y ago[deleted]
- nabla9 9y agoEconomic models usually look at average behaviour for large groups. There are cases where the model breaks, but jumping into "oh, it was all bs then" is just populism.