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- Carl Menger: Founder of the Austrian School
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- I added a video to a @YouTube playlist http://bit.ly/2kSKre5 🔴 What's Good For Gold in 2018 May Be Bad For Bitcoin
- Cryptocurrency like Bitcoin is taking the market by storm, but its volatility should raise questions: http://bit.ly/2lInIjn
- http://bit.ly/1M785wD
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- My latest @RealAlexJones interview – Yellen Backtracks as US Heads to Next Recession @SchiffGold https://t.co/zEEHYhozpg
- JP Morgan says not to worry about rising interest rates. I guess they think the problem is contained. Are these guys really this dumb, or are they just trying to talk up the market?
- Is It Rational Yet? (Powerball)
Friday, November 6, 2015
Do we incorporate the opportunity cost of considering options?
It seems to me that we take peoples' goals as given. That is, fundamental and unquestionable from our outside perspective. But do we assume that peoples' goals are also just given *to them*? That is, that they don't have to think about them? We know that subjective orderings change and we can all say we've experienced moments of uncertainty as to which option we want to take when making a choice, so that leads me to the conclusion that subjective orderings can enter states that maybe aren't perfectly ordered, specifically in cases of uncertainty and indifference. If people have to think about ends, then there's an opportunity cost to continuing to try to make an optimal decision. What's to say that incorrect choices aren't made in these cases? Does the theory as it currently exists deal with this problem? (If so, how?) Or does it open up a hole through which behaviorism can enter?