Comment on "No matter what price we choose, we always make the same revenue"parentComments−apu14yActually, I found it surprising because almost all theoretical economic models seem so divorced from reality that nothing ever works as you expect.−chimeracoder14y"All models are wrong, but some models are useful".Even though the axioms (assumptions) for rational choice are rarely met completely in practice, understanding their implications were they to be met is still highly useful.
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Actually, I found it surprising because almost all theoretical economic models seem so divorced from reality that nothing ever works as you expect.
"All models are wrong, but some models are useful".
Even though the axioms (assumptions) for rational choice are rarely met completely in practice, understanding their implications were they to be met is still highly useful.