Consider the following choice:
Option 1: You make $75,000 per year, the people around you make $50,000 per year.
Option 2: You make $100,000 per year, the people around you make $125,000 per year.
Traditional economic models suggest that this choice is easy- clearly more money is always better, so Option 2 is obviously superior. [...]
Tags: Behavioral Econ · Happiness · Markets
(For the record, I might have had to look up how to spell likable…even dictionary.com wasn’t clear on the matter, but, since for “likeable” it just said “see likable”, I went with the latter.)
So we all probably remember how Larry Summers got himself in trouble at Harvard for reporting on academic hypotheses and findings that [...]
Let’s see, things that economists should stay away from…bears (bears are SO on notice), the sun (I doubt all that being inside running regressions does wonders for anyone’s base tan), Rush Limbaugh, the banking industry, apparently…and the arts?
Maybe. Just go with me here…so economic models for consumer choice hinge on the notion of utility [...]
Tags: Behavioral Econ · Happiness · Music Biz
Ok, I am guessing by now that most of you have seen the YouTube video of Louis CK on Conan O’ Brien, since it’s been spreading around the interwebs like crazy. Granted, Louis CK is first and foremost a comedian, but the tone of his schpiel is that he really has a point to [...]
Tags: Behavioral Econ · Happiness