Because as soon as you look at non-simple cases the statistical viability goes out the the window. Behavioral economics has been pretty trendy, but has it been that useful outside of narrow cases? Not easy to design real-world behavioral studies that don't generate pure noise.
Apparently there hasn't been much rigorous work linking lab-based behavioral economics experiments to actual behavior? https://econ-papers.upf.edu/papers/1462.pdf pic.twitter.com/ZOPnrjJvyg
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Econ 1 classes often have a session where you participate in a simple auction to prove that supply and demand are empirically verifiable. The traditional foundations of econ are more real than is commonly appreciated.
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@mmay3r Found Kahneman intriguing but real world hasn’t mapped close to the lab narratives or not granular enough (eg loss aversion) to be usefulThanks. Twitter will use this to make your timeline better. UndoUndo
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