CHAPTER SIX
Agents
MIND GAMES
AT THE CORE of any economic theory, there must be a theory of human behavior. Economies are ultimately made up of people. A theory of economic behavior must answer questions such as, How do we make economic decisions? What kinds of information do we use? And, are there some types of decisions that we are better or worse at making?
Many people have a natural resistance to the idea that human behavior can be understood in a scientific way. After all, how can we possibly understand something as complex and unpredictable as the human mind, with its emotions, creativity, imagination, and ability to learn? How can we put ...
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