You, Games and Markets
Ramasastri, As / Aparajitha, A.
Economists, it is said, suffer from 'physics envy'. Like physicists who model the behaviour of the universe with exactitude through complex mathematical formulations, economists believed that they could model human behaviour with similar exactitude deploying similar complex formulations. Central to this pursuit was the assumption that humans are rational.
But that assumption does not hold. The history of economics is replete with examples of ...
