Confronting our mortality is not an easy task for most people. However, there are many reasons people should consider just how long they might live. In the case of retirement planning, life expectancy is important in relation to the benefits like Medicare…
When a friend sent me this paper the other day, I admit that I took a long hard look at myself and my economist friends. According to this study, economists, it seems, are worse than most when it comes to truth telling….
One of economists’ common critiques of the study of behavioral economics is the reliance on college students as a subject pool. The argument is that this population’s lack of real-world experience (like paying taxes, investing in stock, buying a house) makes them…
Not only do I find examples of behavioral economics in literature (see this recent post), sometimes I get research ideas from it. This passage from Wallace Stegner’s Angle of Repose was one such instance: Touch. It is touch that is the deadliest…
As you may or may not know, I am a fairly avid squash player (not so good but I love the game). One of my favorite aspects of squash, aside from being a great source of exercise, is the strategic thinking required. The…
A few months ago, I had the idea to create an iPhone app that would give me (us) compliments. It turns out that as humans, not only are we sensitive to rude remarks from strangers, but we are also very excited when…
A few years ago, a marketing team from a major consumer goods company came to my lab eager to test some new pricing mechanisms using principles of behavioral economics. We decided to start by testing the allure of “free,” a subject my…
Question: what are God’s views on affirmative action, the death penalty and same-sex marriage? Answer: whatever you want them to be. That’s according to a recent study by Nicholas Epley, Benjamin Converse, Alexa Delbosc, George Monteleone and John Cacioppo, found that we…
The heat of the moment is a powerful, dangerous thing. We all know this. If we’re happy, we may be overly generous. Maybe we leave a big tip, or buy a boat. If we’re irritated, we may snap. Maybe we rifle off…
DUKE (US)—Given a choice between spending a token to get their absolute favorite food or spending it to have a choice from a buffet of options, capuchin monkeys will opt for variety. In fact, they’ll even eat a less-preferred food from that…