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That's not how economists use rationality. Individuals derive other enjoyments from gambling besides their earnings. This desire to seek things they like is the
by sicp-enjoyer 4y ago
That's not how economists use rationality. Individuals derive other enjoyments from gambling besides their earnings. This desire to seek things they like is the "rationality", purposeful behavior, not the ability to make optimal bets or play mathematical games.
- nerdponx 4y agoYet the economics literature is full of this exact misuse of the term "rationality", not to mention what economists say in their blogs, op-eds, and interviews. Not to mention the traditional econ 101 curriculum.
- sicp-enjoyer 4y agoIn the literature I have read, this point is one of the first things they clarify and address common criticisms.