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This paper examines the existence of the rational man paradigm on an empirical basis. It also analyzes whether there is a correlation between income levels of the sample and the results. It follows the same methodology applied by Daniel Kahneman, Amos Tversky and Ariel Rubinstein, using as subjects students of diverse socioeconomic strata with high and low income brackets. The results were further controlled by the level of education. The results show that the income level has an impact on the rationality of the responses through the perceptions of the level of risk involved. It has been found that the transitivity of the choices of the students depends on their socioeconomic milieu. This paper concludes that the level of consistency of people's behavior is positively correlated with their socioeconomic level. This conclusion opens up several other questions such as how rational is the l...

Alex Stein es parte de la facultad del “Brooklyn Law School” y en este artículo revisa y define algunos principios de la teoría de la evidencia para el “Common Law”. En este artículo se explica y justifica algunos de los principales principios de la teoría de las evidencias. Stein explica que la teoría general de la evidencia está relacionada directamente con la búsqueda de la verdad y sus principios se aplican para cada caso en particular, basado en la credibilidad de la historia descrita por las partes participantes de la disputa. Entre los principios más importantes tenemos al “principio económico”, el cual demanda el mínimo error posible al momento de valorar los hechos, el “principio de igualdad” que provee la protección máxima posible contra el riesgo de error en forma igualitaria para cada una de las partes. El autor critica con fundamentos validos esta...

This course introduces you to key issues and ideas in behavioral and experimental economics. Some of the topics we will cover in this class include: (1)Experimental methods: Experiments are increasingly used in economics. Why? What is the value of laboratory experiments in economics? How are these experiments designed and what distinguishes experimental economics from other neighboring disciplines such as experimental psychology? (2)Descriptive decision theory: Traditional theories of rationality often fail to accurately predict behavior. As a result, economists have developed alternative theories of decision that better capture human behavior. We explore one of the most famous in this class: Daniel Kahneman and Amos Tversky¿s prospect theory. (3)Probability judgments: We must often judge whether an outcome or event is probable. What rules govern these ¿probability judgments¿? How sho...

This paper examines the existence of the rational man paradigm on an empirical basis. It also analyzes whether there is a correlation between income levels of the sample and the results. It follows the same methodology applied by Daniel Kahneman, Amos Tversky and Ariel Rubinstein, using as subjects students of diverse socioeconomic strata with high and low income brackets. The results were further controlled by the level of education. The results show that the income level has an impact on the rationality of the responses through the perceptions of the level of risk involved. It has been found that the transitivity of the choices of the students depends on their socioeconomic milieu. This paper concludes that the level of consistency of people's behavior is positively correlated with their socioeconomic level. This conclusion opens up several other questions such as how rational is the l...