With all due respect, why do we need fancy intellectualized terms for a 1000s of years old maxim... "Actions speak louder than words."
Behavioral economics: Revealed preferences can predict behavior more accurately than stated preferences. Bayesian media analysis: Revealed priors can reveal ideological bias more accurately than stated values.
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Are you saying people lie, Geoff, as shown using scientific analysis?
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I dont know much about economics, but why should behavioural economics be the final nail in the coffin of Keynesianism?
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Um... that's because revealed preferences are measured / defined by behavior. And BTW, a lot of BE is about how the environment causes behavior to deviate from stated preferences (eg personal retirement savings) with the assumption that stated prefs are valid.
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Thanks for the answer!
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I don't like this tweet, and I would never retweet it.
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