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The lesson your class was supposed to learn is that people aren't always rational. Did they? (And did your economics class then go on to assume everyone is per
by dsr_ 9y ago
The lesson your class was supposed to learn is that people aren't always rational. Did they?
(And did your economics class then go on to assume everyone is perfectly rational and understands their own utility functions, anyway?)
- sullyj3 9y agoRational doesn't mean valuing every dollar exactly the same. Buying a $1 for more than $1 from an economics professor is funny, maybe a good story, maybe a good keepsake, and plausibly worth more in utility than what they paid.