I study economics for fun so I may not have a full grasp of the jargon but is it worth making a distinction between perfect logical behaviour and rational behaviour? Is it possible that a generalised strategy may be rational in an evolutionary sense but not logical in a particular instance. i.e. take the candy bar today because your ancestral DNA is telling you that he might be a fraudster.
If an experiment shows irrationality, my first thought is 'what hasn't it measured?'.
Great video! Although I think Einstein's intelligence extended farther than just physics. Remember his quote, "God doesn't play dice"? He understood fairly well that dice can be modeled as 'random' and that a truly random event has no higher order, if you will, to balance it out.
@bocanutz I believe Einstein's comment was in regard to the uncertainty principle in quantum mechanics. In his way, he was a romantic, and the universe being fundamentally random was intolerable to his sense of aesthetics.
Interesting video.
I study economics for fun so I may not have a full grasp of the jargon but is it worth making a distinction between perfect logical behaviour and rational behaviour? Is it possible that a generalised strategy may be rational in an evolutionary sense but not logical in a particular instance. i.e. take the candy bar today because your ancestral DNA is telling you that he might be a fraudster.
If an experiment shows irrationality, my first thought is 'what hasn't it measured?'.
mangoswiss 5 months ago
God I wish I had this man as a teacher! At any stage of my life!
MrSilentwolf21 11 months ago
Great video! Although I think Einstein's intelligence extended farther than just physics. Remember his quote, "God doesn't play dice"? He understood fairly well that dice can be modeled as 'random' and that a truly random event has no higher order, if you will, to balance it out.
bocanutz 1 year ago
@bocanutz I believe Einstein's comment was in regard to the uncertainty principle in quantum mechanics. In his way, he was a romantic, and the universe being fundamentally random was intolerable to his sense of aesthetics.
ORCA4312 1 year ago
You rock. Thank you for this.
PubertySandwich 2 years ago
i read the undercover economist, this is a really interesting video
ibanez12468 2 years ago
Great. Absolutly agree.
Use statistics for models not economics.
People irrational.
biaritz239 3 years ago
Great video. Thanks.
webbosoft 3 years ago