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3min chapter
Trust me, I’m an economist
The New Bazaar
The Most Effective Signals Are the Costly or the Risky One
Economist joe waltfogel has a book called scrooge anomics. He claims that billions of dollars are wasted each year because people buy the wrong gifts for their loved ones and don't know what they like. But, according to Chinese game theory, costly signalling is more effective in building trust than free cash. So if you get your partner expensive theater tickets even if they hate them, it's still showing how much you love them.
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Listen to the best highlights from the podcasts you love and dive into the full episode