Ep. 895: Algorithms, Negotiation and Persuasion with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Cross-Cultural Reach of Social Norms
What are the people around us, like us, doing there? What have they been doing there? That has an automatic tendency to drive people in that direction. We are most likely to move in the direction of multiple others and comparable others. Let me give you an example of how this works in a situation that doesn't involve environmental behavior but I want to show the reach of this principle of social norms. And indeed even cross-cultural reach because it's a study that comes from restaurants in Beijing. Do you know that if the manager of a restaurant marks the menu,. It produces an increase of 13 to 20% in the sales of those items immediately. Without a single cost, the manager doesn
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