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of course, humans choose actions based on ordinal values. Economic incentives help ppl predict outcomes of actions.
Economic models didn't predict Wikipedia editors or suicide bombers. There is far more to human motivations than economic incentives.
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No the prediction value of economics when it comes to many human motivations is quite poor.
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@NickSzabo4 Didn't Gary B. show that any good valued, be it being a racist or quality of your spouse, can be jammed into utility function? -
@bedehomender Yes, econ theory is unfalsifiable this way, thus incapable of predicting which such behaviors will and won't actually happen. -
@NickSzabo4 Know what you mean. But if you pick right assumption mix after trial and error, then can be quite predictive in future.
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@dandolfa@NickSzabo4@UTXOs There's a huge difference between prediction and retrodiction. Hindsight is eagle-eyed etc. -
@michael_nielsen@NickSzabo4@UTXOs A lot of people have eagle-eyed foresight, and blurry hindsight (over their failed predictions). :)
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@NickSzabo4 Indeed. There is always the incentive to fuck.@BitcoinBelle -
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@BitcoinBelle@NickSzabo4 Government ban on masturbation, because too many people got blind by doing it too much. Thank you government.
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Mises isn't around for software money. I think it'd change some of his premises.Purer subjectivity if that's possible.
@NickSzabo4Thanks. Twitter will use this to make your timeline better. UndoUndo
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I think you're taking a much too narrow view of what "economic incentives" include. Suicide bombers are rational economics agents - https://www.tandfonline.com/doi/abs/10.1080/10242694.2011.585817 … And Eric Raymond and Hayek were among the reasons for Wikipedia -https://www.newyorker.com/magazine/2006/07/31/know-it-all …
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Expected Emotional Outcome is the main incentive which always applies; Expected Material Outcome is only a proxy sometimes used for it. Demonstrating that EMO is often valid doesn’t exclude the existence of EEO as the overarching utility function maximized by the human brain.
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@UTXOs@michael_nielsen@NickSzabo4 Better graphic here :)pic.twitter.com/B8NhfyWUoy
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@drethelin Or there are just many economic encentives that aren't predictable in practice.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@NickSzabo4 or, "economics" has a much broader meaning! :-)Thanks. Twitter will use this to make your timeline better. UndoUndo
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@NickSzabo4 you Weberian, you! :)Thanks. Twitter will use this to make your timeline better. UndoUndo
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