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Economics Seminar for Undergraduates (2)

Publisher:Teaching Affiars Administration    Time:2015-10-15

On Wednesday afternoon, Mr. Shi Fei from Department of Economics held an lecture for undergraduates on the topic of Rationality, Irrationality, and evolution.

Starting from the theory of rational man, i.e., every person focus on self-interest when making economic decisions. Then he raised several examples to illustrate that many of our options are irrational, such as the way of descripting choices will affect the choices of people. Therefore, the reason why we discuss economics under the hypothesis of rational man is that it is simple to discuss a situation when we know the tendency of people to choose the best, but it would be hard to find the way of making a decision for irrational ones. And the reason why we act in a rational way under some circumstances while acting irrationally under others can be explained by Darwin’s theory of survival of the fittest.

At last, Shi Fei introduced his own research. His research is about evolutional economics, which holds the view that everyone makes economic decisions when it proves to lead to the best result, which in the end leads to a completely competitive market. Professor Shi’s lecture is quite easy to understand as well as instructive.