Also, social outcomes in general aren’t Pareto-optimal under asymmetric information, even assuming perfect rationality. This is frustrating for someone with a mindset for optimization and problem solving. It’s tempting to retreat into a smaller world where an optimal outcome is possible as long as one works hard enough, or thinks smart enough.
Also, social outcomes in general aren’t Pareto-optimal under asymmetric information, even assuming perfect rationality. This is frustrating for someone with a mindset for optimization and problem solving. It’s tempting to retreat into a smaller world where an optimal outcome is possible as long as one works hard enough, or thinks smart enough.