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Behavioral Economics
Selection Bias at the Carnival
Monday, April 21st, 2008This last weekend my university campus was open to prospective students and their families. Following the spring football game, the university hosted a small carnival with amusement rides and traditional carnival games. I went with a couple friends who satisfied their inner thrill-seeker with a ride on the ferris wheel. However, I […]
Skin in the Game
Wednesday, April 2nd, 2008While grocery shopping with a friend of mine, she mentioned that she always buys the slightly more expensive eggs. The higher price signals that the eggs are of higher quality. If the pricey eggs are still on the market, someone must be buying them for a reason. In unfamiliar markets consumers often use price to […]
Combating Bias with Bias
Thursday, March 6th, 2008 I’m reading Colin Camerer’s overview of Behavioral Economics. My mom doesn’t have an email address, so the following passage made me laugh:
Microsoft had a hard time getting its programmers to take customer complaints seriously (despite statistical evidence from customer help-lines), because the programmers thought the software was easy to use and couldn’t […]