Mises Wire
Author:
Arkadiusz Sieroń
Online Publish Date:
Behavioral economists say that people behave irrationally because they miscalculate the probability. But maybe it is not a problem with people, but with the use of the probability theory in a non-ergodic environment full of uncertainty? Daniel Kahneman, an economic Nobel Memorial Prize laureate, in his book Thinking, Fast and Slow puts forward the