Post #4268873

@kpfssport@mastodonapp.uk @SquirrelwithaninvisibleW@mastodon.social @TeflonTrout@beige.party @davidnjoku@mastodon.world The original version of this experiment is one of the most important contributions to economics in the 20th century. Prior to that, economists were building models assuming that people would act rationally. This was a clear demonstration of a situation where, given two outcomes where the average return for one is much higher, most humans would choose the other. Some economists still clung to the older models but there was a whole movement to include psychology in future models, which made them a lot more reliable.