What's the value added from economists trying to model deviations from the neoclassical model? Can't we just think of certain situations or scenarios (like gains vs. losses) as being complements or substitutes to a consumer's demand function for a given good? Why do you think the discipline has gone one route for behavioral work and another for understanding consumption.
b_rando_calrissian6 karma
What's the value added from economists trying to model deviations from the neoclassical model? Can't we just think of certain situations or scenarios (like gains vs. losses) as being complements or substitutes to a consumer's demand function for a given good? Why do you think the discipline has gone one route for behavioral work and another for understanding consumption.
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