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The Price of Fish: A New Approach to Wicked Economics and Better Decisions by Ian Harris, Michael Mainelli

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8 PERCEPTIONS RATHER THANRULES: PERFECTLYUNPREDICTABLE MARKET (MIS)BEHAVIORS

In this chapter we look more directly at systems theories. We also consider markets and how the combination of systems, economics, and people’s behavior can make markets misbehave. We start by examining one element of systems theory, feedforward.

The following fishy story illustrates the idea of feedforward. Once upon a time there was a man who ran a fish and chip shop. People came from miles around to get tasty fish that was freely covered in thick egg batter, including his secret ingredient (beer), and thick-cut chips with plentiful sauces. In fact, the man was so successful that he could afford to send his son to complete an MBA at a top business school. After graduation, ...

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