The Archives

Everything written by David D. Friedman on law, economics, and more

David Friedman on Behavioral Economics: Intriguing Research Project, with Reservations

I have long argued that the economic assumption of rationality is useful not because it is a complete and correct description of real world behavior but because it describes that part of behavior that is predictable. If half the time an individual takes the actions that best achieve his goals and half the time he ... David Friedman on Behavioral Economics: Intriguing Research Project, with Reservations