What schools of economic thought do you follow?

[ag]

To all those present:

rather than playing w/ stupid labels, just learn economics. It's fun!

Yeah, learning about vodoo is interesting too, but just about as useful.

I like economic 'thought' only in as much as it serves my political preferences.

Thanks for the honest announcement. From now on, any comment you make on this forum is officially considered spurious blabber not to be taken seriously under any circumstances

Had you bothered to learn a little bit of economics, you would have been much more interesting to read

Ag, the spurious babble is the nonsense claim that economics is some kind of objective science.  All economic 'theory' is just an attempt to make a case for the 'practicality' of one particular political preference or another.

Since your self-confessed knowledge of economics is, essencially, zero, what makes you so certain

(mind it, among my colleagues and good friends the range of political ideologies ranges from Marxism to hard-core libertarianism, and we still manage to find a substantial area for agreement - based, precisely, on that dismal science you so much despise

[opebo]

...among my colleagues and good friends the range of political ideologies ranges from Marxism to hard-core libertarianism...

Who are these people?  And why should one care what is their personal preference?

[ag]

...among my colleagues and good friends the range of political ideologies ranges from Marxism to hard-core libertarianism...

Who are these people?  And why should one care what is their personal preference?

Econ profs like myself, of course - who do you think my friends are )) (joking a bit here, of course)

Well, if Marxists and Libertarians can come to, at least, some common conclusions based on the theory you so despise, perhaps it isn't all a matter of ideological bias

[phk]

Or this experiment ag.

Half the participants were given mugs available at the campus bookstore for $6.

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Basically the average buying price was like ~$3.50, the average selling price was ~$7.00.

It would be nice if you gave citations

I guess, you have this in mind:

http://www.journals.uchicago.edu/doi/abs/10.1086/209539

Now, what prevents a "standard" explanation for the described phenomena, if we take as the definition of the standard the first 6 sections of Mas-Colell, Whinston and Greene (the standard graduate micro text for the last 15 years)? )

In other words, what is it exactly that such choices violate?

http://dss.ucsd.edu/~vcrawfor/142BehavioralUncertaintyLectureSlides08.pdf (These set of slides pretty much had a major influence in my view of behaviora economicsl.)

I'll have to get ahold of Mas-Colell's book. I do have Varian's text however.

[opebo]

...among my colleagues and good friends the range of political ideologies ranges from Marxism to hard-core libertarianism...

Who are these people?  And why should one care what is their personal preference?

Econ profs like myself, of course - who do you think my friends are )) (joking a bit here, of course)

Sorry, buddy - I didn't ever know anything about you.  I'm also enmired in the miseries of academe, though I have to admit its not as bad as most other toil.

[ag]

http://dss.ucsd.edu/~vcrawfor/142BehavioralUncertaintyLectureSlides08.pdf (These set of slides pretty much had a major influence in my view of behaviora economicsl.)

I'll have to get ahold of Mas-Colell's book. I do have Varian's text however.

I, naturally, highly admire Vince Crawford

But, at this point, I strongly suggest you first study the basics well. The good old framework is pretty general - in fact, it is perfectly consistent with all sorts of behavioral models. However, it has the virtue of being a very strong disciplining device: it forces you to think things through. Once you are very well familiar with that, please go on to study human behavior: this is exactly what I myself do.

[phk]

http://dss.ucsd.edu/~vcrawfor/142BehavioralUncertaintyLectureSlides08.pdf (These set of slides pretty much had a major influence in my view of behaviora economicsl.)

I'll have to get ahold of Mas-Colell's book. I do have Varian's text however.

I, naturally, highly admire Vince Crawford

But, at this point, I strongly suggest you first study the basics well. The good old framework is pretty general - in fact, it is perfectly consistent with all sorts of behavioral models. However, it has the virtue of being a very strong disciplining device: it forces you to think things through. Once you are very well familiar with that, please go on to study human behavior: this is exactly what I myself do.

I'm assuming you recommend Mas-Colell's text?

[ag]

http://dss.ucsd.edu/~vcrawfor/142BehavioralUncertaintyLectureSlides08.pdf (These set of slides pretty much had a major influence in my view of behaviora economicsl.)

I'll have to get ahold of Mas-Colell's book. I do have Varian's text however.

I, naturally, highly admire Vince Crawford

But, at this point, I strongly suggest you first study the basics well. The good old framework is pretty general - in fact, it is perfectly consistent with all sorts of behavioral models. However, it has the virtue of being a very strong disciplining device: it forces you to think things through. Once you are very well familiar with that, please go on to study human behavior: this is exactly what I myself do.

As the standard text in grad school - yes. Not if you are still an undergrad - you won't have tools. It's not a recomendation - it's like recommending the Bible if you are interested in scripture )

For the first semester of grad micro also look for Ariel Rubinstein's micro textbook (it's on his webpage - just google).   Great text - and great economist.

[phk]

http://dss.ucsd.edu/~vcrawfor/142BehavioralUncertaintyLectureSlides08.pdf (These set of slides pretty much had a major influence in my view of behaviora economicsl.)

I'll have to get ahold of Mas-Colell's book. I do have Varian's text however.

I, naturally, highly admire Vince Crawford

But, at this point, I strongly suggest you first study the basics well. The good old framework is pretty general - in fact, it is perfectly consistent with all sorts of behavioral models. However, it has the virtue of being a very strong disciplining device: it forces you to think things through. Once you are very well familiar with that, please go on to study human behavior: this is exactly what I myself do.

As the standard text in grad school - yes. Not if you are still an undergrad - you won't have tools. It's not a recomendation - it's like recommending the Bible if you are interested in scripture )

For the first semester of grad micro also look for Ariel Rubinstein's micro textbook (it's on his webpage - just google).   Great text - and great economist.

At UCSD the grad micro book is Varian's and the undergrad is Perloffs.

[ag]

http://dss.ucsd.edu/~vcrawfor/142BehavioralUncertaintyLectureSlides08.pdf (These set of slides pretty much had a major influence in my view of behaviora economicsl.)

I'll have to get ahold of Mas-Colell's book. I do have Varian's text however.

I, naturally, highly admire Vince Crawford

But, at this point, I strongly suggest you first study the basics well. The good old framework is pretty general - in fact, it is perfectly consistent with all sorts of behavioral models. However, it has the virtue of being a very strong disciplining device: it forces you to think things through. Once you are very well familiar with that, please go on to study human behavior: this is exactly what I myself do.

As the standard text in grad school - yes. Not if you are still an undergrad - you won't have tools. It's not a recomendation - it's like recommending the Bible if you are interested in scripture )

For the first semester of grad micro also look for Ariel Rubinstein's micro textbook (it's on his webpage - just google).   Great text - and great economist.

At UCSD the grad micro book is Varian's and the undergrad is Perloffs.

They still use Varian in the Ph.D. Program?  It's an ok book, but a bit old.  Mas Colell has been the standard for nearly 15 years. For classes that need the level a bit below Mas Colell I prefer Jehle and Reny.

Well, anyway, Mas Colell is the accepted standard   And check Rubinstein.