Cows don’t like the switch to daylight saving time. A California organic dairy farmer said he enjoys the extra hour of light that starts in March. But his cows don’t. Because they are accustomed to a 2:00 a.m. milking regimen,…
The introduction of just one small MetroCard transformed NYC by lowering the transaction costs for traveling to work and friends in different boroughs.
Just like having the same weights and measures and money, when we all standardize our time with a soon-to-be-added leap second, our transaction costs drop.
This week’s economic news summary includes the transactions costs of new medical diagnostic codes, the personal and macro impact of the student loan crisis.
The behavioral economics ideas from our everyday economics are confirmation, expectations and projection bias, frames, temporal discounting and sunk costs.
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