3 ms·
Your general point that economics models greatly simplify the real economy is a good one. However, the field has made significant advances to introduce real-wor
by nopinsight 8y ago
Your general point that economics models greatly simplify the real economy is a good one. However, the field has made significant advances to introduce real-world constraints into the models.
Example of a subfield addressing your 3):
https://en.m.wikipedia.org/wiki/Information_economics https://en.m.wikipedia.org/wiki/Information_economics
I believe 2) is addressed as well but I am not a professional economist so maybe someone can help edify us.
- candiodari 8y agoEven if there are a few game theoretic games in advanced papers that have limited information it would be a rather large stretch to say that economics incorporates limited information at this point in time. Maybe it's coming, I don't know ... It's not going to be soon. A similar problem exists for 2. Yes I can find a paper or two, or probably even more that talk about it, but they don't exactly have a wide following because it just makes things too hard. Incorporating both ? Can't even find a paper on it.