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0 pointsNTDF99y ago0 comments

Reminds me of the trope that the choice should ALWAYS be left with consumers. Every consumer is a 'rational actor'. Reality is most humans have too many things going on, too many choices with not adequate info and are emotional actors.

0 comments

devereaux9y ago

Yet solutions emerge, even if individual agents have zero intelligence

http://www2.econ.iastate.edu/tesfatsi/Gode%20and%20Sunder-JP...

Your lack of belief in the force of the free hand is troubling, especially when it can be proved by computer models and reality.

coddingtonbear9y ago

To clarify for the person you've responded to: the problem with humans isn't exactly that we individually have _too little_ intelligence, it's that the heuristics we have evolved to use for compensating for missing information include a great deal of bias. This results in the very-well-documented lack of rational actors in the real world.

scsilver9y ago

Not to mention the distortion of rationality created by advertising.

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