Two of these things are not like the others. People can have cognitive biases or bounded rationality that prevent them from making good decisions about mouse trap purchases despite it costing money. Unlike academia there is a direct incentive for these people to change their behavior; but that’s as far as it goes. There’s no good way to correct their decisions for profit like there is in a financial market.
Two of these things are not like the others. People can have cognitive biases or bounded rationality that prevent them from making good decisions about mouse trap purchases despite it costing money. Unlike academia there is a direct incentive for these people to change their behavior; but that’s as far as it goes. There’s no good way to correct their decisions for profit like there is in a financial market.