The predictably irrational NBA lockout

ESPN:

Dan Ariely thinks Duke basketball fans are crazy. Or at least they act a little irrational sometimes. As a behavioral economics professor at the ACC school, he noticed something interesting — that fans who won Duke basketball tickets through a lottery tended to overvalue those tickets. In fact, those randomly selected students valued those tickets 10 times more than what other students did. Cameron Crazies, indeed.

Ariely interpreted this phenomenon as an example of the endowment effect, an imperfection of the human mind that causes people to believe the things they possess are worth more than they actually are. It is just one of the many human quirks that Ariely studied in his book “Predictably Irrational,” which is a captivating read for those curious about the oddities of human nature. (For example, you’ll learn why bringing a bottle of wine to a pal’s party is absolutely bonkers from a rational perspective.)

Read the whole story: ESPN

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