Opinion: Dangerous to leave humans in charge of their financial futures
Thursday, July 30, 2015 - 07:00
in Mathematics & Economics
Much standard economics research is based on the "homo economicus" decision-maker. This is an entirely rational being. An unbiased, unemotional, non-psychological maximiser of the expected usefulness of things and events. Furthermore, this perfect decision-maker is far-sighted, and has complete self-control.