For the same economic reason, the supersonic Concorde should have been grounded sooner and we irrationally endure long phone wait times.
More than shopping nudges, e-commerce dark patterns are the deceptive and misleading tricks that pressure us into a purchase.
Replacing the inconsistencies of the current calendar, in finance and production, the 13-month calendar would create positive externalities for businesses.
The behavioral economics ideas from our everyday economics are confirmation, expectations and projection bias, frames, temporal discounting and sunk costs.
People and nations might perpetuate a bad investment because they look back at their past sunk costs. Instead they should compare future cost and benefit.
When is it bad to be good at something? Blockbuster has the answer. As described by New Yorker columnist James Surowiecki, Toys ‘R Us, Barnes & Noble, and Blockbuster were known as “category killers” because they decimated their competition. They…