Short essay
Exercise
Write a short essay (less than one page) analyzing critically one of the anomalies which are dealt with by R. H. FRANK in “Cognitive Limitations and Consumer Behavior” (Ch. 8 of Microeconomics and Behavior, McGraw-Hill, New York, 1991, pp. 226-50). Originality will be highly valued: you are advised to focus on real cases not discussed in the readings and/or to show new points of view in criticizing the analysis in the readings.
Analysis
Be aware of naive criticisms. What do we mean by sentences like “I do not find very scientific the way experiments [e.g. about rationality anomalies] are carried out”? Consider that: (1) To a large extent, the problem is caused by unavoidable difficulties. (2) Do you prefer no experiments to bad but incrementally improvable experiments? (3) Do you apply the same high methodological standard to models without any kind of experiment or empirical content?
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