Wednesday, January 27, 2021

Lars P. Syll — Truth and rationality

Rational choice theory, like Bayseianism in statistics, is based on informed opinion (rational expectations), but it is opinion none the less. Therefore, it is a heuristic device subject to YMMV rather than being determinative, that is, leading to knowledge rather than opinion or belief. This condition determines the scope of the method.

Lars P. Syll’s Blog
Truth and rationality
Lars P. Syll | Professor, Malmo University

See also today

Mainstream economics — nonsense masquerading as science

1 comment:

Peter Pan said...

The DSM-6 should have rational choice personality disorder (RCPD).