This is Matt Kinderman's Typepad Profile.
Join Typepad and start following Matt Kinderman's activity
Join Now!
Already a member? Sign In
Matt Kinderman
Recent Activity
As I read this introduction to Nueroeconomics, I felt like I was in agreement with many of the ideas but slightly uneasy about it. As a senior Economics major who sat through the torturous class that is intermediate microeconomic theory, it is frustrating to think of the notion that many of the models are useless. Perhaps they are not useless but only work under a strict set of circumstances that don’t actually occur in the real world. At least, that’s the pessimistic way to think about it. There are troubling weaknesses in economic theory; mainly that economic modeling should not have such large discrepancies from the reality of human decision making. For example, I don’t think it’s sufficient to say someone is irrational because they behave “intransitively” between three items. I understand that by definition it is an irrational action, but writing off normal human behaviors that we are trying to model makes for very weak models overall. When viewing Nueroeconomics as strengthening/developing and not undermining modern economics, the field becomes much more encouraging and exciting. Maybe it would be more healthy if other disciplines re-evaluated themselves for improvement in the same way that economics is now. Although Nueroeconomics seems to work against much of revealed preference theory and the mathematical approach to economics, I feel like the work of Paul Samuelson is important to note. He, like modern nueroeconomists, challenged the status quo and attempted to explain actual decisions that are observed in an analytical framework. Hopefully, Nueroeconomics will take his work a step further with what can be found through new technological developments and either refine existing models, develop new ones, or help us understand why these decisions cannot be modeled.
Toggle Commented Sep 21, 2015 on ECON 398 at Jolly Green General
Matt Kinderman is now following The Typepad Team
Sep 20, 2015