I share your feeling that such behavior is, in some sense, unwise or erroneous, but this does not mean that it does not occur,' Amos wrote to an American economist who complained about the description of human nature implied by 'Value Theory.' 'A theory of vision cannot be faulted for predicting optical illusions. Similarly, a descriptive theory of choice cannot be rejected on the grounds that it predicts 'irrational behavior' if the behavior in question is in fact observed.
by Michael Lewis
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In a correspondence with an American economist, Amos highlighted the complexity of human behavior in relation to 'Value Theory.' He acknowledged that certain behaviors may seem unwise or flawed, yet they still manifest in reality. This reflection points to the important distinction between ideal models of choice and the actual patterns of decision-making exhibited by people.

Amos illustrated this concept by comparing it to the realm of vision, where a theory that accounts for optical illusions is not deemed incorrect simply due to these anomalies. Therefore, a theory of choice should not be discounted for highlighting 'irrational behavior' when such actions are evident in human nature, emphasizing the need to understand rather than judge observed behaviors.

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January 26, 2025

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