Buyer beware model that is the industry standard today arises from the Econ model. A human model leads us straight to seller beware
Incumbents fight hard to keep status quo in place. And when you have devoted your working life to an idea, you fight harder to keep that idea in currency, no matter what newer evidence shows. Richard H. Thaler, professor at Booth School of Business, University of Chicago, in his new book, Misbehaving: The Making of Behavioral Economics, is calling the end of the tyranny of neo-classical economics and has built the theoretical base for a more pragmatic version of the dismal science that is no longer that dreary. Misbehaving is actually a text book in disguise. It attacks the supremacy of the standard economics that is the basis for most economic policy and builds a theoretical framework for behavioural economics—the new strand of economics that understands that human beings are not machines when they take economic decisions, but humans with all our wonderful flaws.