Book contents
- Frontmatter
- Contents
- Preface
- Introduction
- I OVERVIEW PAPER
- II CONCEPTIONS OF CHOICE
- III BELIEFS AND JUDGMENTS ABOUT UNCERTAINTIES
- IV VALUES AND UTILITIES
- V AREAS OF APPLICATION
- 22 BEHAVIOR UNDER UNCERTAINTY AND ITS IMPLICATIONS FOR POLICY
- 23 THE RELEVANCE OF QUASI RATIONALITY IN COMPETITIVE MARKETS
- 24 HOW SENIOR MANAGERS THINK
- 25 PROBLEMS IN PRODUCING USABLE KNOWLEDGE FOR IMPLEMENTING LIBERATING ALTERNATIVES
- 26 ON THE FRAMING OF MEDICAL DECISIONS
- 27 WHETHER OR NOT TO ADMINISTER AMPHOTERICIN TO AN IMMUNOSUPPRESSED PATIENT WITH HEMATOLOGIC MALIGNANCY AND UNDIAGNOSED FEVER
- 28 THE EFFECT OF PRIVATE ATTITUDES ON PUBLIC POLICY: PRENATAL SCREENING FOR NEURAL TUBE DEFECTS AS APROTOTYPE
- 29 DISCUSSION AGENDA FOR THE SESSION ON MEDICAL DECISION MAKING and MINUTES OF A GROUP DISCUSSION ON CLINICAL DECISION MAKING
- Index
23 - THE RELEVANCE OF QUASI RATIONALITY IN COMPETITIVE MARKETS
Published online by Cambridge University Press: 01 March 2011
- Frontmatter
- Contents
- Preface
- Introduction
- I OVERVIEW PAPER
- II CONCEPTIONS OF CHOICE
- III BELIEFS AND JUDGMENTS ABOUT UNCERTAINTIES
- IV VALUES AND UTILITIES
- V AREAS OF APPLICATION
- 22 BEHAVIOR UNDER UNCERTAINTY AND ITS IMPLICATIONS FOR POLICY
- 23 THE RELEVANCE OF QUASI RATIONALITY IN COMPETITIVE MARKETS
- 24 HOW SENIOR MANAGERS THINK
- 25 PROBLEMS IN PRODUCING USABLE KNOWLEDGE FOR IMPLEMENTING LIBERATING ALTERNATIVES
- 26 ON THE FRAMING OF MEDICAL DECISIONS
- 27 WHETHER OR NOT TO ADMINISTER AMPHOTERICIN TO AN IMMUNOSUPPRESSED PATIENT WITH HEMATOLOGIC MALIGNANCY AND UNDIAGNOSED FEVER
- 28 THE EFFECT OF PRIVATE ATTITUDES ON PUBLIC POLICY: PRENATAL SCREENING FOR NEURAL TUBE DEFECTS AS APROTOTYPE
- 29 DISCUSSION AGENDA FOR THE SESSION ON MEDICAL DECISION MAKING and MINUTES OF A GROUP DISCUSSION ON CLINICAL DECISION MAKING
- Index
Summary
Smart
My dad gave me one dollar bill
‘cause I'm his smartest son,
And I swapped it for two shiny quarters
‘cause two is more than one!
And then I took the quarters
And traded them to Lou
For three dimes – I guess he don't know
That three is more than two!
Just then, along came old blind Bates
And just ‘cause he can't see
He gave me four nickels for my three dimes
And four is more than three!
And I took the nickels to Hiram Coombs
Down at the seed-feed store,
And the fool gave me five pennies for them,
And five is more than four!
And then I went and showed my dad,
And he got red in the cheeks
And closed his eyes and shook his head –
Too proud of me to speak!
Shel SilversteinWhere the Sidewalk Ends
Copyright © 1974 by Snake Eye Music, Inc.
New York: Harper & Row, 1974
(Reproduced with permission of the publisher)Economists generally attribute considerable rationality to the agents in their models. The recent popularity of rational expectations models is more an example of a general tendency than a radical departure. Since rationality is simply assumed, there is little in the literature to suggest what would happen if some agents were not rational.
- Type
- Chapter
- Information
- Decision MakingDescriptive, Normative, and Prescriptive Interactions, pp. 508 - 524Publisher: Cambridge University PressPrint publication year: 1988
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