Are economists human?

Howard Margolis

Applied Economics Letters, 2007, vol. 14, issue 14, 1035-1037

Abstract: A controversy among economists and others interested in the limits of rational choice analysis, still running after an onset at least two decades ago, concerns whether intelligent people and especially experts, can be subject to cognitive illusions. This note provides a striking illustration supporting that disconcerting conjecture. It analyses the apparent inability of professional economists to give a better than chance response to a very elementary question about consumer surplus.

Date: 2007
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DOI: 10.1080/13504850600706529

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