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Ex Ante and Ex Post: What Does Rod Stewart Really Know Now? 1
Author(s) -
BLOCK WALTER,
CARDEN ART,
CARSON STEPHEN W.
Publication year - 2006
Publication title -
business and society review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.524
H-Index - 21
eISSN - 1467-8594
pISSN - 0045-3609
DOI - 10.1111/j.1467-8594.2006.00280.x
Subject(s) - ex ante , ex parte , need to know , economics , hazard , law and economics , actuarial science , law , political science , computer science , computer security , keynesian economics , chemistry , organic chemistry
Do we really know whether or not we have “maximized” utility, or do we just know that we are “happy” or “sad”? We argue that we can never know objectively whether or not utility has been maximized; however, people acting on a free market are sufficiently close to the decision as to be able to hazard a better guess about their opportunity costs than policy makers.