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Cash Rewards Have Less Sway in Collectivistic Cultures
If you’re trying to get someone to do something, what’s the best way to achieve that? Paying them probably comes to mind, and this intuition is a basic tenet of economic theory. In a massive
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We Still Don’t Believe How Much Things Cost
Deodorant was what changed Rob Cooper’s mind about the economy. After paying under $4 for his signature Old Spice Stronger Swagger for a decade, the 49-year-old was shocked last year to see it priced at
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How the Sunk Cost Fallacy Impacts Your Relationships
In the field of economics, the sunk cost fallacy — also called the sunk cost effect — is notorious. It occurs whenever we double down on poor financial decisions based on past investments that can’t
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The Science of Us
No one could accuse the boy’s self-appointed trainers of lacking ambition or being sticklers for ethical research. Psychologist John Watson of Johns Hopkins University and his graduate student Rosalie Rayner first observed that a 9-month-old
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Daniel Kahneman
Daniel Kahneman is a psychologist, winner of the Nobel Prize in Economics, and recipient of the Presidential Medal of Freedom. Daniel joins the Armchair Expert to discuss the complexity of human nature, studying judgment and
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Before You Answer, Consider the Opposite Possibility
In 1906, the British statistician and polymath Francis Galton attended a country fair at which the attendees were invited to estimate the weight of an ox. Out of curiosity, Galton borrowed the cards on which
