Rational choice philosophy

From the NYT, background on the development of rational choice theory which has had great influence on economics and political science -- for better or worse -- over the past several decades. Apparently it was developed by the RAND Corporation - an influential think tank - as a reaction to the spread of communist ideas during the Cold War.

What Drives Economic Behavior? Animal Spirits or Rational Actors

The former apparently. More and more behavioral economists seem to believe that our monetary decisions are driven by illusion, not rational calculations. This overturns decades of economic theory.

Another casualty of the recession.

I Lied

One vote can make a difference, or in this case two.

But it is a very unique situation.

We need to spend time next week figuring out what is going on here. There's a lot to it. Does this make anyone uncomfortable? Should an individual be allowed to control that much water? Do we want to allow property rights to include a resource this vital?

A Dollar Auction

I've never heard of this before, but it ranks up there with the prisoner's dilemma. It helps explain how bad decisions can be compounded.