There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise interpretation of that word. As a result economic theory often does not correspond with what happens in the market. Some would argue that we need descriptive economics. I would argue that all should be taught about probability, utility, and MEU (maximization of expected utility) and act accordingly.


2. Stylistic Questions. p. 22. - Understanding Uncertainty (2006)

Dennis Lindley Quotes

There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise...

There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise...

There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise...

There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise...