[disgruntledphd2]

> modern economists have been acknowledging and quantifying the flaws in simplifying assumptions in economic models for decades

Just FYI, both Kahneman and Tversky were psychologists, not economists.

[bluecheese33]

Noted, but they still are pretty accepted in mainstream economics (nobel prize in economics in 2002).

Also of course, they're not the only ones doing behavioral economics [1]:

> Imperfect information is core to modern econ; theories showing how imperfect information can cause markets to break down received a Nobel 20 years ago. Perfect rationality has been successfully challenged by behavioral economics for decades, and received Nobels in 2002, 2013, and 2017.

[1] https://noahpinion.substack.com/p/this-years-econ-critics-ma... (includes links)

[disgruntledphd2]

Definitely, but it amused me that psychologists keep winning the economics nobel :)

[teachrdan]

It might say more about economics than it does about psychology :)