Not if you were the last Economist on earth

The following is an imagined conversation between William Buiter and Dan Ariely (look up Buiter's latest article on Financial Times for background)

To be sung to the tune of "Not if you were the last junkie on earth" by The Dandy Warhols

I never thought you’d be a traditionalist
Because rationality is so passe.
But today,
If you think that I don’t know
About loss aversion and
Reference dependence,
You’re insane, or your
A fool who hasn’t paid attention
To a word that I say.

In a way, I can’t
Help but feel responsible.
After all, this is what
My experiments say.

But I never thought you’d be a rationalist
Because preferences are so passe
Now a-day.
You never thought you’d randomize
Just be cooler in an obvious way.
I could say, shouldn’t you have run
A couple time-series and decided
That you would rather have it any day.

In a way
I can’t help but feel responsible,
I always knew that you were running around
With your Markov chain

But I never thought you’d be an economist
Because demand and supply is so passe hey.