Re:The Bias Bias in Behavioral Economics
by lynal on Tuesday February 12, 2019 @01:27AM
(#19141503)
One shortcoming in economics is the inability to model cognitive costs. This is best visible in game theory - no model of cognitive costs has gained traction in the last few decades despite the desire for one.
The closest that I recall is representing strategies with finite state machine and having a preference for strategies requiring fewer states. A main difficulty there is mapping strategies to FSA.
Re:The Bias Bias in Behavioral Economics
by hopler on Tuesday February 12, 2019 @01:10PM
(#19145917)
Transaction costs and cost/benefit analysis of information are a thoroughly studied part of economics. I'm not even an econ major and it was covered in my college CS education
The closest that I recall is representing strategies with finite state machine and having a preference for strategies requiring fewer states. A main difficulty there is mapping strategies to FSA.