Douglas North is into constraints on bounded rationality emerging from neuroscience where the left emotional side of the brain acts before the right side... an emotional reflex that may undermine bounded rationality altogether. But of course there will be a premium covering for this unseemingly crass transaction cost and we will all be back to equilibrium where we will live happily ever after
Jim Devine <[email protected]> wrote: > Eugene Coyle wrote: >> Jim, >> I'm not railing here against the economics profession (though I'm >> happy to do so) but rather asking "Is there anything in behavioral economics >> that economists didn't already know?" > >there are a lot of details (such as framing effects and loss aversion) >that mainstream economists didn't know but nothing important. The key >thing is that there is now a pretty establishmentarian part of the >economics profession which rejects "homo economicus." That doesn't >mean, however, that they've got much to replace it. > >-- >Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own >way and let people talk.) -- Karl, paraphrasing Dante. >_______________________________________________ >pen-l mailing list >[email protected] >https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
