@MakerOfDecision This seems more like an oft-used economic heuristical definition though, right? Intuition pumps etc mean it isn't true def?
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Replying to @ConnorFlexman
@MakerOfDecision Seems like the philosophical defn is closer to "what we would optimize for given perfect info + ∞ decision resources"?1 reply 0 retweets 1 like -
Replying to @ConnorFlexman
@ConnorFlexman Is THAT a reasonable definition? CEV isn't a good construct to use for actual decisions or empirical work.1 reply 0 retweets 0 likes -
Replying to @MakerOfDecision
@MakerOfDecision Which is why it's useful to have another more empirical level, like, say, "wantability"1 reply 0 retweets 2 likes -
Replying to @ConnorFlexman
@MakerOfDecision Human preferences are clearly inconsistent, but there is a true thing that would make us most "happy", or "satisfy" us most1 reply 0 retweets 2 likes -
Replying to @ConnorFlexman
@MakerOfDecision We can take revealed preferences as an empirical approx to the true function and add asympotic patches to our cog failures1 reply 0 retweets 1 like -
Replying to @ConnorFlexman
@ConnorFlexman OK, but it's a biased estimator. And preferences are inconsistent, which just means utility doesn't follow assumptions.1 reply 0 retweets 0 likes -
Replying to @MakerOfDecision
@MakerOfDecision Absolutely. Reducing the bias is important, and much advice, incl valuing long-term > short-term, is aimed at addressing it1 reply 0 retweets 0 likes -
Replying to @ConnorFlexman
@MakerOfDecision What do you mean by utility not following assumptions? Just unclear from my end1 reply 0 retweets 0 likes -
Replying to @ConnorFlexman
@ConnorFlexman We assume consistent preferences to arrive at ideas like monotonic utility and other fundamental microeconomic assumptions.1 reply 0 retweets 0 likes
@ConnorFlexman The assumptions are ALL trivially wrong, and only even function as reasonable assumptions given a fairly narrow scope.
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Replying to @MakerOfDecision
@MakerOfDecision Sounds right; I was assuming that's how we interpret most econ models given behav sci, but I'm not esp well-acquainted0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
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