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© Christian Müller 2019 |
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«When I see experimental evidence such as that underlying the Allais paradox, I find it very unproductive to marvel at the stupidity or irrationality of the human mind (this reaction may be attributed to the fact that I almost invariably fall into the traps built by the experimenters!).»
Tirole, 2002, p. 640, emphasis added |
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Humans typically assume that the world is ruled by uncertainty and apply according decision making rules. Experimental economists, by contrast, only consider well-defined, resolvable problems and usually don't understand that their problems do not correspond to real life problems. The above picture illustrates this confusion. |
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No wonder, therefore, that behavioural and other economists detect «IRRATIONALITY». |
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«home |
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EXCLUSIVE: READ MORE IN SECTION 2.2.2 OF MY BOOK. |
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chapter 2.2.2
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«home |
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Check type one here here. |
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© Christian Müller 2019 |
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Jacobs University Bremen |
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www.s-e-i.ch |
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