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Comments on: Models vs knowledge http://www.tvhe.co.nz/2012/08/16/models-vs-knowledge/ The Visible Hand in Economics Wed, 15 Aug 2012 19:42:00 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2012/08/16/models-vs-knowledge/#comment-39844 Wed, 15 Aug 2012 19:42:00 +0000 http://www.tvhe.co.nz/?p=7438#comment-39844 Good post.

It’s interesting – I think if I was told what the fee was I would probably be more willing to use it, as the implicit fee I expect is really high. For some reason there is no pressure on me to update this fee (the information cost is relatively high compared to expected benefit), so I just sit there.

Of course it could be the other way, given I’m trying to guess how my expectations differ from actuals!

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