The Science of Thinking

Lecture on the paper "The Economic Limits of Bitcoin and Anonymous, Decentralized Trust on the Blockchain"

The article summarizes the effects that the war in Ukraine, the resulting economic sanctions as well as associated financial turbulences have for cryptocurrencies and their role in the global financial system.

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In this lecture, Konstantinos Katsikopoulos presents the concept of bounded rationality and contrasts two - as he calls it - cultures of research and analysis within Behavioral Economics: an "idealistic" and a "pragmatic" approach. Thereby, Katsikopoulos discusses amongst others their different assumptions on decision making (utility optimization vs. achievement of a satisfactory outcome), the psychological process as well as the epistemic aim and implications on policy recommendations (nudging vs. education).