Lars P. Syll — Kenneth Arrow’s take down of rational expectations

When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior … Finally, there aren’t enough repetitions to justify rational expectations. The world is changing. We’re not really proceeding on a stationary basis.

Lars P. Syll’s Blog
Kenneth Arrow’s take down of rational expectations
Lars P. Syll | Professor, Malmo University