On the first day of my behavioral economics course, I address the question of what sorts of people and organizations are interested in behavioral economics. The list I’ve come up with so far looks something like this: Researchers Policy Makers Marketers Finance Professionals Obviously, researchers are interested in behavioral economics because it’s their job (and [...]
Entries Tagged as 'Buyer Beware'
The Split Personality Of Behavioral Science, Grinch Edition…
December 12th, 2012 · 1 Comment
Behavioral Econ · Buyer Beware
Tags: Behavioral Econ · Buyer Beware
What My Students Have Been Learning, Overchoice And The Daily Show Edition…
November 25th, 2012 · 4 Comments
Behavioral Econ · Buyer Beware · Just For Fun
Probably like most instructors (at all levels), I wonder a lot of the time how much my students actually pay attention to anything that I say. (My students’ exam scores would indicate that, on average, they listen to about 75 percent of what I say.) Sometimes I’m dismayed at their reaction, as when I literally [...]
Tags: Behavioral Econ · Buyer Beware · Just For Fun
When Price As A Signal Of Quality Goes Awry…
August 8th, 2012 · 7 Comments
Behavioral Econ · Buyer Beware
It’s often true that high-quality goods have higher price tags, and there are a number of rational reasons why this could be the case- higher production cost, more limited supply, higher demand, etc. Higher demand, in turn, is rationally due to increased utility from consuming the high-quality product. It makes sense then, to some degree, [...]
Tags: Behavioral Econ · Buyer Beware
FAQ: What Is The LIBOR And Why Should I Care? Now With More Pictures…
July 24th, 2012 · 1 Comment
Buyer Beware · Finance
Q: What in the world is LIBOR? Is it like a liger? Because that would be awesome. A: LIBOR stands for “London Interbank Offered Rate,” and it gives the interest rate that major banks in London would pay to borrow money from one another. Technically, the LIBOR is a collection of a bunch of different [...]
Tags: Buyer Beware · Finance
Read Before Buying Those Lotto Tickets…
March 30th, 2012 · 6 Comments
Behavioral Econ · Buyer Beware
First, a tweet from my mother: Sigh. So, despite the 50 percent idiot tax* on the lotto, I bought a ticket for the current $640 million Mega Millions jackpot, if for no other reason than appeasing my mother is easily worth a dollar. So is this my potential ticket to a lifetime of happiness? Let’s [...]
Tags: Behavioral Econ · Buyer Beware