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Which of the following is false according to Fox (2015)? a. Bayesian economics is the idea that there is one correct way to revise probabilities
Which of the following is false according to Fox (2015)? a. Bayesian economics is the idea that there is one correct way to revise probabilities as new information comes in during the decision making process. b. The rational process consists of formulating a problem, listing the possible courses of action, and systematically assessing each option. c. There is no "one right answer" as to how to make better decisions. d. In the 1950s, economists believed not that decision makers would make perfect calculations, but that in free markets, rational behavior would usually prevail
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