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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Predictably Rational?: In Search of Defenses for Rational Behavior in Economics

Predictably Rational?: In Search of Defenses for Rational Behavior in Economics

McKenzie, Richard B.

Paperback

Economics

ISBN10: 3642015859
ISBN13: 9783642015854
Publisher: Springer
Published: Nov 23 2009
Pages: 308
Weight: 1.03
Height: 0.69 Width: 6.14 Depth: 9.21
Language: English

Mainstream economists everywhere exhibit an irrational passion for dispassionate rationality. Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models can think like Albert Einstein, store as much memory as IBM's Big Blue, and exercise the will power of Mahatma Gandhi, suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are predictably irrational, a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.

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