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BruceMcF
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"the textbook model is saved, or not, to the extent it makes sense in context to model preferences as exogenous." Note that an intrinsic preference for social status does not save the textbook model by making it make sense to model preferences as exogenous, since the textbook modeling requires preferences among choices in economic transactions to be exogenous, and an exogenous preference for social status driving choices in economic transactions leaves choices in economic transactions endogenous to evolving determinants of social status.
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Nov 6, 2016