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Choice and Consequence
by
Thomas Schelling is a political economist conspicuous for wandering an errant economist. In "Choice and Consequence," he ventures into the area where rationality is ambiguous in order to look at the tricks people use to try to quit smoking or lose weight. He explores topics as awesome as nuclear terrorism, as sordid as blackmail, as ineffable as daydreaming, as intimidatin
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Paperback, 379 pages
Published
October 15th 1985
by Harvard University Press
(first published 1984)
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Classical economic theory is underpinned by the assumption of rational consumers, possessing complete information to make decisions in a perfect marketplace. And even though each of these premises is flawed, in that it does not reflect conditions in the normal world, the model helps explain a wide variety of economic phenomena with great success.
It does not however lend itself very well to explaining social phenomena; a completely rational, fully cognitive agent with perfect information wouldn't ...more
It does not however lend itself very well to explaining social phenomena; a completely rational, fully cognitive agent with perfect information wouldn't ...more
So far its been interesting and easy to read which give it at least four stars in my book. We'll see if its life changing.
Got boring at about pg. 100; I put it down. I did enjoy the concept of one person having different economic interests depending on their situation. Think schizophrenic duel between the current self and the future self about eating that last piece of pie.
Got boring at about pg. 100; I put it down. I did enjoy the concept of one person having different economic interests depending on their situation. Think schizophrenic duel between the current self and the future self about eating that last piece of pie.
I stopped reading this book through the introduction, after losing interest in book reading for a brief period. I should pick it up again. Economics research. Ethics and economics issues. Looks very promising.
Not an easy read, but useful insights into what is probably better known as behavioral economics.
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Thomas Crombie Schelling was an American economist and professor of foreign affairs, national security, nuclear strategy, and arms control at the School of Public Policy at University of Maryland, College Park. He is also co-faculty at the New England Complex Systems Institute. He was awarded the 2005 Nobel Prize in Economics (shared with Robert Aumann) for "having enhanced our understanding of
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