Thaler — “We don’t have to stop inventing abstract models…”

Source: Misbehaving: The Making of Behavioural Economics — Richard H. Thaler

Book page: thaler-misbehaving

From: Misbehaving: The Making of Behavioral Economics — Quotes

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We don’t have to stop inventing abstract models that describe the behavior of imaginary Econs. We do, however, have to stop assuming that those models are accurate descriptions of behavior, and stop basing policy decisions on such flawed analyses.