People may deeply believe in or strongly desire something, as shown in studies. Consumption of luxury goods on social media can become a trap due to various factors like addiction or lack of self-discipline. Research revealed motivations for using these products, including fear of missing out, even though many wish these motivations didn't exist.
Economists have discovered an odd phenomenon: many people who use social media (even you, maybe?) wish it didn’t exist. But that doesn’t mean they can escape.
- RESOURCES:
- "When Product Markets Become Collective Traps: The Case of Social Media," by Leonardo Bursztyn, Benjamin Handel, Rafael Jimenez, and Christopher Roth (NBER Working Paper, 2023).
- "Social Media and Xenophobia: Evidence from Russia," by Leonardo Bursztyn, Georgy Egorov, Ruben Enikolopov, and Maria Petrova (NBER Working Paper, 2019).
- "Status Goods: Experimental Evidence from Platinum Credit Cards," by Leonardo Bursztyn, Bruno Ferman, Stefano Fiorin, Martin Kanz, and Gautam Rao (NBER Working Paper, 2017).
- "'Acting Wife': Marriage Market Incentives and Labor Market Investments," by Leonardo Bursztyn, Thomas Fujiwara, and Amanda Pallais (American Economic Review, 2017).
- "Measuring Crack Cocaine and Its Impact," by Roland G. Fryer Jr., Paul S. Heaton, Steven D. Levitt, and Kevin M. Murphy (Economic Inquiry, 2013).