Many would defend utility theory (as well as other aspects of their standard model of behaviour) as a useful approximation, pointing out that exceptions to approximations can always be found.

ECONOMIST: News from the lab

In the Radio Times, Dr Williams said Jesus was not just a model of perfect behaviour and was "constantly asking awkward questions" in the Bible.

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Morgan Chase has analysed the Fed's macroeconomic model of the American economy, derived from past behaviour.

ECONOMIST: Is monetary policy less effective these days?