I think they’re actually so fundamentally important that we don’t see them. I agree that directly modeling prices using them@rarely works, but the idea that people will pay more for something they want more, and that rarer things that people want will cost more, is everywhere.
-
-
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
Lot of hand wavy stuff
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
A single instance where they don't hold true?
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
Lol no .
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
This seems almost absurdly wrong to me, though I can see how you might think that if you're looking at the derivation in MWG. Try Vernon Smith's stuff for a more intuitive framework: https://www.jstor.org/stable/1861810?seq=1 …
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.