In 1990,Richard Thaler,a behavioral economist,said the following with respect to the standard economic model: "The problem seems to be that while economists have gotten increasingly sophisticated and clever,consumers have remained decidedly human." Which of the following statements best describes what Thaler implies in this sentence?

Question

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Thaler suggests that the standard economic model does not accurately reflect the behavior of human beings, who do not always act like the perfectly rational and selfish "Homo economicus" assumed by the model. He implies that despite economists' efforts to make the model more complex and advanced, it still fails to account for the reality of human behavior.

In 1990,Richard Thaler,a Behavioral Economist,said the Following with Respect to the Standard