Thinking like a behavioral economist (dentist edition)
This clip with Dan Ariely telling off a dentist who tried to sell him on a more expensive item is classic. Would that we all behaved in such a manner, no? The problem when you interact with a particular set of professionals, in particular in healthcar…
Which nations think over the long term
One of the major parameters which shape individual success, and macroeconomic growth in the aggregate, is time preference. Time preference basically measures an individual’s future-time orientation. Would you for example take $1,000 in the present, or wait 30 days and accept $1,500 dollars? It doesn’t need to be money, children can exhibit time preference as […]
Time & mind & tipping
I just got back from a European trip, and I have to say I did not miss tipping. I especially appreciated not having to do the song & dance typical of larger groups in sit-down restaurants in the USA where you figure out how much you’re going to tip on a communal basis, when everyone […]
Why do we delay gratification even when there is no downside?
Earlier this year, John Tierney reviewed several studies on how delaying gratification makes us feel better in the short term by preventing guilt but makes us feel more miserable in the long term by causing regret over missed opportunities. I added my …