I believe behavioral econ was developed to address some of these issues but I've also heard on here that a lot of behavioral contributions are somewhat minor/overplayed compared to 10 years ago.
Just intuitively I feel a little skeptical about transitivity, completeness and I've heard a lot of the axioms don't really show up at least in lab settings. Also people will mention the Allais paradox.
Are there any counter arguments or defenses of these assumptions? (assuming they're true…maybe the lab tests were poorly designed idk)?
Do the axioms of rationality hold for individuals? And if not, why does this not matter?
byu/Extra_Flounder4305 inAskEconomics
Posted by Extra_Flounder4305