The Battle Between Behavioral and Rational Economics

June 4 -- University of Chicago Booth School Professor Richard Thaler discusses the debate over behavioral and rational economics. He speaks on “Bloomberg Surveillance.”
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[@kehindeonakunle5730]

Excellent analysis. Short and direct.

[@die9or]

Repeat after me: theories should be judged by their ability to predict events rather than by the realism of their assumptions

[@nelsonomicsruns9246]

Proving the Austrians correct, again! “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” Friedrich August von Hayek

[@michaelott6824]

So what he's saying is you can't apply logic to an illogical people.

[@tom4115]

no you can because in many circumstances people tend to be consistently illogical in the same ways. eg the sunk cost fallacy.

[@CosmicBarrilet]

but when are Behaviorals going to build a single model....When...?

[@jean-michelbendaci2564]

Cochrane Will be the next Nobel prize.

[@virnamisra1657]

Could comment .. politically.. that the entire . what you folks did . deserved. A miss.....&. Even after...? Grab the vote meter RAM. M L .& You'll Not be. ( heaven what you're up2. ). Surprised 1369.