Friday, January 31, 2014

Choice

In matters of economics, one grail, is predicting the behavior of people.  And as you can imagine it is a minefield, which to better grasp, it's a field that is often divided. One division is called Choice, which itself is a word rife with the sort of controversy well exemplified by a Professor of Medieval Chinese Poetry who dismissed the translation "birds in thick fog wallow" with the words "I never knew birds could wallow."  Clearly a walking stick wielding fuddy-duddy. However, within economics, Choice is so broad ranging an area it can bring all discussion to a halt until terms are defined with the precision of an eyelash.  And here one atom in the gigantic molecule of Choice, is the word Preference.

And I would go on to explain how recent experimental data from the cathedral of economics suggests that Preferences in us people when given the choice of three types of peanut butter, might be unstable, particularly over time, accords with my own definition of  randomness. But I find that I have become so aggravated by a Professor of Medieval Chinese Poetry's  "I never knew birds could wallow" that I find myself quite unable to gather the necessary cohesion to continue. So I think it sufficient to say that while I am fan of peanut butter, the sad fact is that Peter Pan, Skippy and Jif will never ever pass my lips because they are so horribly named. I am told that years ago in Canada, Skippy peanut Butter was called Squirrel peanut butter. Nor does this seem to influence my preference.

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