We could say that we are looking at salad bar economics when we compare the price per pound at the salad bar to the produce aisle.…
How Sequences Influence Our Decisions
Shown by speed dating preferences and umpires’ strike calls, decision-making can be influenced by the sequence of prior events.…
One Reason That Umpires Make Mistakes
Combining economics and psychology, behavioral economics can explain why the decision-making of home plate baseball umpires is not always accurate.…
What We Are Willing to Do For Money
Monetary incentives can influence a decision and distort the information we access for our cost and benefit research.…
Weekly Roundup: From More Money to Fewer Restrooms
Our everyday economics includes scarcity, tradeoffs, cost, sustainability, hyperinflation, gender issues, externalities, African development, human capital.…
Less Choice Fatigue at Whole Foods
With Whole Foods ranking produce as unrated, good, better, best, they are simplifying shoppers’ decision making and minimizing choice fatigue.…
How McDonald's Creates Choice Fatigue
Default or shortcut options become more attractive when decision making takes too much energy because of choice fatigue.…
Behavioral Economics: When Do We Minimize Risk?
With Election Economics having concluded, for the next 4 weeks, Monday posts will focus on topics that relate to behavioral economics. Let’s start with Hurricane Sandy and my own NJ neighborhood…
Presidential "Choice Fatigue"
Because with decision fatigue, the more decisions we make, the less energy we have for making decisions, so we increasingly prefer a default.…
(Bad) Decisions
By Mira Korber, guest blogger. Why might have most notorious fraudsters committed their crimes? The traditional answer seems obvious: severe character flaws, lack of ethics, unbridled greed. But there…