There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise interpretation of that word. As a result economic theory often does not correspond with what happens in the market. Some would argue that we need descriptive economics. I would argue that all should be taught about probability, utility, and MEU (maximization of expected utility) and act accordingly.
Dennis LindleyRelated topics
account act descriptive economics evidence expectation interpretation market maximization need nor people probability rational result sense should take teach theory utility word meuRelated quotes
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