Tuesday, October 02, 2012

Status Quo Rationality

Bryan Caplan assumes (HT Kuehn) that if people, ceteris paribus, prefer a known, workable situation to an unknown, quite possibly unworkable one, that is an irrational bias!

Many contentions of "irrationality" are like this: people do not behave like some abstract model of how they should behave. Reality doesn't fit the model, so let's chide reality for its "irrationality."

It's as though astronomers had tried to taunt the planets into moving in perfect circles instead of developing a new, elliptical model.

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