2min chapter

The Joe Walker Podcast cover image

Rational Minds Part 3: Rethinking Bubbles - Vernon Smith

The Joe Walker Podcast

CHAPTER

The Evolution of Heuristic Negotiation

The rules of the institution have to adapt to their environment. In that general store, you had a different price making process than you had when after Sears Robuck got into the retail business. And so that evolved. People today would find it strange that you would negotiate over almost everything - but it's still around in big ticket items.

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