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We propose a simple boundedly rational model.
In a purely rational model, such differences should not happen.
The rational model has a hold on economics, and it's going to stay that way.
"There is no rational model that says this makes any difference," he said.
An economy is not a rational model; it's an emotional muddle.
"This work encompasses the rational model but it gives you a little more.
The rational model doesn't hold for people who aren't interested in the public good.
Individuals and societies have been "de-patterned" with the aim of remaking them on a better, more rational model.
He believes that economists cannot give up the rational model entirely.
We derive a parsimonious rational model of active portfolio management that reproduces many regularities widely regarded as anomalous.
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Only a few publications [ 17- 19] describe rational, model-based optimisation and control of Pichia growth and protein production.
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