Comments on: The Irrational Consumer http://tleaves.com/2007/07/17/the-irrational-consumer/ Creativity x Technology Sat, 17 Mar 2012 05:09:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Faisal N. Jawdat http://tleaves.com/2007/07/17/the-irrational-consumer/comment-page-1/#comment-4112 Faisal N. Jawdat Tue, 17 Jul 2007 18:26:42 +0000 http://tleaves.com/2007/07/17/the-irrational-consumer/#comment-4112 There are entire subfields of economics devoted to how people actually behave as opposed to what the pretty models present. See http://en.wikipedia.org/wiki/Behavioral_economics , http://en.wikipedia.org/wiki/Experimental_economics . There are entire subfields of economics devoted to how people actually behave as opposed to what the pretty models present. See http://en.wikipedia.org/wiki/Behavioral_economics , http://en.wikipedia.org/wiki/Experimental_economics .

]]> By: peterb http://tleaves.com/2007/07/17/the-irrational-consumer/comment-page-1/#comment-4111 peterb Tue, 17 Jul 2007 17:35:17 +0000 http://tleaves.com/2007/07/17/the-irrational-consumer/#comment-4111 In other news, my Xbox 360 is supposed to come back from Malaysia or Taiwan or wherever it has been vacationing, today. In other news, my Xbox 360 is supposed to come back from Malaysia or Taiwan or wherever it has been vacationing, today.

]]> By: zodmaner http://tleaves.com/2007/07/17/the-irrational-consumer/comment-page-1/#comment-4110 zodmaner Tue, 17 Jul 2007 15:58:26 +0000 http://tleaves.com/2007/07/17/the-irrational-consumer/#comment-4110 Well, you pretty hit the mark there. In fact, most economist acknowledge that consumers is not always rational. But why do economist still insist on keeping the 'rational consumer' assumption? Because without this assumption, there can't be any meaningful analysis on consumers behavior. (And no, the explanation that they did what they did just because they 'want to' isn't good enough for use Economics analysis :) ). So in short: economist only interest in 'rational' behavior of consumers and ignore the rest as white noise. Maybe that's why most Economics analysis is so off the mark. ;) Well, you pretty hit the mark there. In fact, most economist acknowledge that consumers is not always rational.

But why do economist still insist on keeping the ‘rational consumer’ assumption? Because without this assumption, there can’t be any meaningful analysis on consumers behavior. (And no, the explanation that they did what they did just because they ‘want to’ isn’t good enough for use Economics analysis :) ).

So in short: economist only interest in ‘rational’ behavior of consumers and ignore the rest as white noise. Maybe that’s why most Economics analysis is so off the mark. ;)

]]> By: Robert 'Groby' Blum http://tleaves.com/2007/07/17/the-irrational-consumer/comment-page-1/#comment-4109 Robert 'Groby' Blum Tue, 17 Jul 2007 13:36:05 +0000 http://tleaves.com/2007/07/17/the-irrational-consumer/#comment-4109 To be fair, Amazon should pay you if you ever watch RE-A. ;) To be fair, Amazon should pay you if you ever watch RE-A. ;)

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