> modern economists have been acknowledging and quantifying the flaws in simplifying assumptions in economic models for decades
Just FYI, both Kahneman and Tversky were psychologists, not economists.
Just FYI, both Kahneman and Tversky were psychologists, not economists.
Also of course, they're not the only ones doing behavioral economics [1]:
> Imperfect information is core to modern econ; theories showing how imperfect information can cause markets to break down received a Nobel 20 years ago. Perfect rationality has been successfully challenged by behavioral economics for decades, and received Nobels in 2002, 2013, and 2017.
[1] https://noahpinion.substack.com/p/this-years-econ-critics-ma... (includes links)