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> modern economists have been acknowledging and quantifying the flaws in simplifying assumptions in economic models for decades Just FYI, both Kahneman and Tve
by disgruntledphd2 5y ago
> modern economists have been acknowledging and quantifying the flaws in simplifying assumptions in economic models for decades
Just FYI, both Kahneman and Tversky were psychologists, not economists.
- bluecheese33 5y agoNoted, but they still are pretty accepted in mainstream economics (nobel prize in economics in 2002). Also of course, they're not the only ones doing behavioral economics [1]: > Imperfect information is core to modern econ; theories showing how imperfect information can cause markets to break down received a Nobel 20 years ago. Perfect rationality has been successfully challenged by behavioral economics for decades, and received Nobels in 2002, 2013, and 2017. [1] https://noahpinion.substack.com/p/this-years-econ-critics-make-a-few https://noahpinion.substack.com/p/this-years-econ-critics-ma... (includes links)
- disgruntledphd2 5y agoDefinitely, but it amused me that psychologists keep winning the economics nobel :)
- teachrdan 5y agoIt might say more about economics than it does about psychology :)