Markets Are More Complex Than The Individuals That Compose It

The interactions between individuals churns out more complex behavior than the individual themselves.

One cannot use the conclusions taken at the individual level (bias, irrationality) to extrapolate collective behavior.

A good market structure is able to produce good results with a collection of idiots (Hayek perspective).

Problem behind behavioral economics.

LOK: 5. Systems
RL: Skin in the game
IDEAS: F. A. Hayek Behavior Behavioral economics Complexity Individual Markets Irrationality Rationality Bias
#Antifragility