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: Eric Livny; Economic Theory; 08 May 2012; Hits: 1531; Rating:

On “Humans” vs. “Econs”, the mystery of human psyche, and the domain of economic inquiry

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Axiomatic economics models are populated with utility maximizers, a.k.a. “Econs”. These models have predictive power - an practical value - in situations in which real human qualities, such as bounded rationality or emotions, play no...

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On “Humans” vs. “Econs”, the mystery of human psyche, and the domain of economic inquiry

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