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To: yard_man who wrote (75321)	3/5/2001 12:16:11 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 436258

tippet - ...I would add that those subjective valuations are dependent on the free flow of information -- also a bad assumption. The subjective valuations made at the point of an economic exchange decision are dependent on EVERYTHING, including both mere perceptions and whims. A decision to execute an exchange needs only the judgement that the result of the exchange be preferred to the result of choosing not to exchange. This decision is made at a single instant in time and includes the immaterial, as well as the material, and the irrational, as well as the rational. Regards, Don