Today was a good day for fixing some bugs and reading a paper.
Rationality for Economists? – by Daniel McFadden
After the suggestion of a friend I read the paper. I enjoy the book of Thinking, fast and slow and the topic of the paper is how work similar to Tversky and Kahneman affects the contemporary models for economic human behavior. It is mostly an attack against the Chicago man point of view and discusses the need of incorporating the new data from behavioral studies to the economic models towards a K-T (Kahneman – Tversky) model, arguing that the (global — without context) assumptions of the Chicago man are unrealistic.
If you enjoy reading the work of modern psychologists, you will probably also enjoy this text since it puts things under a certain perspective, and summarizes some of the work in the recent literature in an accessible way.
Sleeping and optimization
I slept for 10 hours yesterday. Today I will sleep about 5 hours since I have to wake up at 9.00. I guess I have to put some effort on maximizing the product of my hours of sleep even if I can’t increase their sum.