viewing the world through the lens of economics
By: Alex Kanode and Kevin D. Gomez
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“He’s been complaining about not having any money and then he goes and buys a brand new Nissan truck,” my friend asks. “He’s acting irrationally!”
The economist responds, “Well, his stated preferences are obviously different from his revealed preferences. His budget constraint must be higher than we think! He’s definitely acting rationally.”
Confused stare.
Seeing as we can find the economics in everything, the message given by Solomon (the Teacher) is laden with a few foundational principles of economics. Continue reading “Nothing New Under the Sun”
You know what really gets an economist excited? Models. Continue reading “Richard Thaler: What the Nudge?”
T.G.I.F. takes on a different connotation when talking about Black Friday. Are the deals really worth all the hustle and bustle?
This (very American) holiday that exploits our (consumerist) way of life is showing signs of hope. It’s no surprise that Black Friday has been and is still known to be the top shopping day of the year. However, with the rise in behavioral economics, retailers and consumers have realized that it is also known as the biggest day for irrational behavior.
Continue reading “Hustlin’ and Bustlin’ of Black Friday”
