My phrase "how economists expect you to set it" is probably wrong here, since I'm not an economist, I've just read the most basic theory about how to use this tool, and also used it myself (on eBay, you know, years ago when the site was mostly auctions). So I don't really know what "economists expect", but rather the basic guidelines for using this tool. You got me there.
> I think this is the problem. When most sciences observe reality diverge from the model, they see that as a flaw in the model. When economists (at least you HN "economists") observe reality diverge from the model, they seem to see that as a flaw in reality.
But like, to double-check here: "reality" means your imagined use of a tool that you do not in fact use, right? Like you say you "don't do auctions" and I'm trying to explain what that option is for, and you're countering that the basic "how to use this tool" explanation is a wrong model of reality?
"I made my max bid $500.01, but I'd have paid $500.02!"
"I made my max bid $500.02, but I'd have paid $500.03!"
…where does this process end?
I think this is the problem. When most sciences observe reality diverge from the model, they see that as a flaw in the model. When economists (at least you HN "economists") observe reality diverge from the model, they seem to see that as a flaw in reality.
The model is wrong.