On 11/12/2012 12:15 AM, meekerdb wrote:
On 11/11/2012 12:59 PM, Stephen P. King wrote:
I like this definition that was posted in that forum: "*An agent is rational if he/she does whatever the modeler (i.e. economist) would do in his/her position."*


The problem is with "does". Flipping a coin and doing X if heads and Y if tails can be the same optimum strategy for the modeler and the rational agent. Yet if it comes up heads for the modeler but tails for the rational agent they will *do* different things.

Brent
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Hi Brent,

Sure, but we don't consider a single situation to give a general definition of a behavior. The case of the mismatch of the coin flips goes away when we look at many cases. There is a case to be made for statistics in figuring out the definitions of rationality, no? Dogs do not always bite the postman....

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Onward!

Stephen

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