tag:blogger.com,1999:blog-6598831864333990375.post6665392818359269950..comments2023-05-08T04:01:34.561-08:00Comments on Students Who Enjoy Economic Thinking: Rationality AGAIN!? AAAAAAARRRRRRRGGGGHHHAdam Levyhttp://www.blogger.com/profile/15257124483756325652noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6598831864333990375.post-76630890279355938192010-02-09T23:34:50.584-09:002010-02-09T23:34:50.584-09:00One example of an irrational economic decision: T...One example of an irrational economic decision: Trading the governorship for a few nights with an expensive hooker. That doesn't sound like a maximization of utility to me. For other examples of irrational decisions see any newspaper on any given day...UDOhttps://www.blogger.com/profile/16797455822014965844noreply@blogger.comtag:blogger.com,1999:blog-6598831864333990375.post-32356765670777757222010-02-04T01:00:52.333-09:002010-02-04T01:00:52.333-09:00I think I remember you mentioning these studies be...I think I remember you mentioning these studies before but I'm still not sure what you're trying to argue. These scans seem to show the process of an individual composing their utility functions in real-time. Deciding what basket of goods they'd like to purchase given an income constraint. Even if this is occurring on a sub-conscious level I don't see how this conflicts with making a rational choice. <br /><br />So a consumer might maximize utility by making an impulsive decision rather than a long thought out one. An impulsive decision might be a completely rational one if it makes the decider happy or the decision is made given some time constraint. <br /><br />See you Thursday Josh, I've got a book that should be right up your alley.Richard Raineshttps://www.blogger.com/profile/00804936689427520573noreply@blogger.comtag:blogger.com,1999:blog-6598831864333990375.post-40273409014171777692010-02-03T09:52:04.642-09:002010-02-03T09:52:04.642-09:00I suppose your comment about efficency being neces...I suppose your comment about efficency being necessary is an interesting one. I guess efficency only matters if you cannot afford the waste associated with being inefficent. For example driving a gas guzzler to work everyday. It is less efficent than a hybrid but you accept that inefficency because you can afford it and perhaps for some irrational sentimental attachments to the car.Anonymousnoreply@blogger.com