Pursuit of Truthiness

my gut tells me I know economics

Dissertation Idea #2: Behavioral Theory

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Taking everything that psychologists and behavioral economists have learned about how utility actually works, and build a relatively realistic utility function.  Then plug this utility into several classical theoretical results and see how they are affected.  Of course, economists refrain from using realistic utility functions because of mathematical intractability as much as lack of knowledge about what they look like, so this may be a doomed project.  Hard to know for sure without losing a few months of life to it first.

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Written by James Bailey

April 5, 2010 at 10:16 am

Posted in dissertation, Economics

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