Opinion Science "...Ridiculous" Ep. 1: Beyond Anomalies
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Feb 26, 2024 The podcast discusses the challenge to traditional economic theories, exploring the emergence of behavioral economics. It delves into the unexpected impact of savings programs, the unpredictability of cab drivers' behavior, and the market quirks of Royal Dutch Shell. The chapter highlights the importance of understanding human psychology in economic decision-making and the gap between economic models and real-world behavior.
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Blizzard Basketball Tickets
- Richard Thaler and a friend chose not to drive to a basketball game during a blizzard.
- However, his friend mentioned they would have gone if they had paid for the tickets.
The Sweater Gift
- Thaler observed someone refusing to buy an expensive sweater but gladly accepting it as a gift.
- This highlights how people value items differently based on ownership.
The Cashew Conundrum
- Thaler put out cashews for guests, then hid them to prevent overeating, which everyone appreciated.
- This contradicts the economic principle that more choices are always better.