Recently this site suggested grid-group cultural theory as a type of bounded rationality could explain certain economic behaviour (that of pirates) more completely than rational choice theory could. But is grid-group cultural theory actually a version of bounded rationality, or are there important differences.? A forthcoming article in the Harvard Law Review should shed light … Continue reading Four Cultures and Bounded Rationality
Tag: pirates
Pirates: just acting rationally?
Economist Peter Leeson has a new book coming out about the economics of piracy in the late 16th and early 17th century 'golden age'. He uses piracy as a test case for the claim that rational choice economics is what motivates much of human behaviour. In an article on the same subject, he writes: '“Pirational … Continue reading Pirates: just acting rationally?
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