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Discover the unintended consequences of incentives and how they can lead to negative behaviors. Learn about examples like the window tax in 17th century England and poorly thought-out government incentives. Explore the impact of incentives on consumer behavior, using examples like airline miles and Blockbuster's failure. Reflect on the downfall of Blockbuster and the importance of building better incentives. Understand the effects of incentives on behavior, from comparing taxi drivers' pay structures to discussing fines for late daycare pick-ups.
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Quick takeaways
- Poorly designed incentives can lead to unintended consequences, such as fragmented artifacts and blocked windows.
- A/B testing is crucial in creating effective incentives, as it helps understand the consequences before implementation on a larger scale.
Deep dives
The Pitfalls of Incentives
Incentives often fail to produce the desired outcomes and can lead to unintended consequences. An example from China's paleontologists in the 19th century demonstrates how incentivizing peasants to find fossils resulted in fragmented artifacts with decreased scientific value. Similarly, poorly designed tax incentives in London and the Netherlands led to blocked windows and skinny houses respectively. These examples highlight the need for carefully considering the potential negative effects of incentives.
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Listen to the best highlights from the podcasts you love and dive into the full episode