Neuroeconomics: big, fat hoax or no big deal?
missmarketcrash kindly alerted me today to Paul B. Farrell's hilarious screed on Marketwatch: " Five reasons neuroeconomics is a big, fat hoax ". I thought this was laughable all the way through. Let me just show the highlights: Page 1: " all their books are based on junk science, anecdotes, broad conclusions from small samples ". Page 2: " Remember, 88% of our behavior is driven by the subconscious ". This spuriously precise assertion is even worse than the "Only 7% of communication takes place through words" mantra beloved of marketing consultants everywhere. Do some research, folks! Understand the scientific method! Page 1: neuroeconomics doesn't work. Page 2: Wall Street is using neuroeconomics to con us out of hundreds of billions of dollars a year. Which is it, Paul? Equilibrium economists are mostly Republicans. Behavioural economists are mostly Democrats. Therefore both of them must be wrong. Huh? " Neuroeconomics: call it w...