Perfect information, forward-looking reasoning and rationality are some of the main assumptions used in the general equilibrium model which lead to interesting and eye-opening results. But we have to look at other alternatives in which humans can´t be described only by specific rules, it is difficult to model their complex interactions. The assumptions used in traditional models are supposed to allow an approximation of reality but then came the behavioral economics to see if human activity diverges from those models and the recent work of Richard Thaler, which just won the Nobel Prize on Economics, proposes an alternative to consider.
There are concerns about things such as fairness that can be as important in human decision as rationality, and it is a challenge to present this type of behaviors into a model. The player considers what is socially acceptable when making decisions, he adjusts his ideas about what sort of behavior counts as fair. Behavioral decisions shift depending on the situation, and each different setting leads to a different behavior. According to each scenario, people judge what they should and should not do. It is a game in which every player is constantly updating his ideas. This is just something to keep in mind as a new approach on recent economical modeling and analysis.
R.A… (2017). Richard Thaler´s work demonstrates why economics is hard. 18 Febrero 2018, de The Economist Sitio web: https://www.economist.com/blogs/freeexchange/2017/10/nobel-prize-economic-sciences