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ashishgilhotra
Buck Woody recently posted an interesting blog item on the perils of expecting "perfect information" for economic modelling. My response follows.
Information can theoretically be perfect, but it's existence relies on the assumption of a completely deterministic (rational) universe. I think we'd all agree that human behaviour is often so complex as to describe it as irrational, so all economic models necessarily have some sort of fuzz factor when you apply them to the real world. Asimov spoke a lot ab...
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