bookoutlines / Predictably IrrationalFirst Faved : Jan 08 2009 by derekFaved : 1 time with noteViewed : 5 timesFave It!
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- derek - Jan 08 2009 | economics, humanity, interesting, science, experiments
Basically just a boatload of interesting stuff.
Quoted: Tversky and Kahneman conducted the following experiment
When contemplating the purchase of a $25 pen, the majority of subjects would drive to another store 15 minutes away to save $7
When contemplating the purchase of a $455 suit, the majority of subjects would not drive to another store 15 minutes away to save $7
The amount saved and time involved are the same, but people make very different choices
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I certainly won't move to another bar to save $2 on a margarita, but I will plan to hit happy hour!
multiple rationalities in play. Ocam's razor isn't always true.
This research shows how a bank system can be driven to the edge of collapse.