[Follow-up post]
Blogging will continue to be light in the upcoming weeks due to more important stuff to do. Ever heard of RSS feeds?
In the meantime, here's a clip from someone called Ole Rogeberg explaining Becker and Murphy's theory of rational addiction:
(Via Andrew Gelman; the movie's original page is here)
In other news, "I, for one, welcome our new arsenic overlords" currently yields 173 Google hits. I would have expected more.
Update: Turns out the same Ole Rogeberg actually has written a full-blown academic paper called "Taking Absurd Theories Seriously: Economics and the Case of Rational Addiction Theory" on the matter. Not as much fun as the clip above, though.
Nothing as Useful as a Bad Theory
4 years ago
5 comments:
My dog does calculus and geometry. When I throw a stick across a river diagonally, he doesn't swim straight for it, nor does he swim perpendicular to the river, but at some angle in between which approximately minimizes his effort.
i am in the middle of preparing for a final in applied game theory.
this video makes my week.
A better calculus example would be catching a ball in mid-air, which involves acceleration problems difficult to solve in real-time with a calculator.
Ant, TGGP:
Reply in a follow-up post.
This sounds like the economists have conflated "decision utility" with "experienced utility". Many do.
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