The assumption of perfectly rational, maximizing behavior won out until recently in the art of modeling, not because it often reflects reality, but because it was useful.


Chapter 5, Modeling Financial Bubbles And Market Crashes, p. 138. - Why Stock Markets Crash - Critical Events in Complex Systems (2003)

Didier Sornette Quotes

The assumption of perfectly rational, maximizing behavior won out until recently in the art of modeling, not because it often reflects reality, but...

The assumption of perfectly rational, maximizing behavior won out until recently in the art of modeling, not because it often reflects reality, but...

The assumption of perfectly rational, maximizing behavior won out until recently in the art of modeling, not because it often reflects reality, but...

The assumption of perfectly rational, maximizing behavior won out until recently in the art of modeling, not because it often reflects reality, but...