Category Archives: Cognitive biases and fallacies

Pricing under pressure

(featured image credit: Alex W) Should morality, rather than the market, dictate the right price of goods and services in emergency situations? In his book Misbehaving, behavioural economist Richard Thaler relates an interesting experiment he conducted with Daniel Kahneman and Jack … Continue reading

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A cocktail of biases

(featured image: delo) Jumping to conclusions – the easiest kind of exercise, especially on a Sunday morning I learned three things this week: two things I didn’t know, and one thing I did know, but regularly seem to forget. All of … Continue reading

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Shaping our reality

(Featured image credit: Free-Photos) Is there an objective reality, and are we capable of observing it? On the day after Donald Trump officially became the US president, the then White House press secretary stated the crowd “was the largest audience ever … Continue reading

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Eggs and chips

(featured image credit: paul sandham/CC) Why we see two similar health threats very differently My native country is in international the news again, thanks to the unfolding egg scandal that is now expanding well beyond its borders. Traces of Fipronil, … Continue reading

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What do we want? Control!

(image credit: Sarah Ross/CC) Control and freedom of choice are important to us, and we are prepared to pay real money for it. But things are not always that simple… ‘A la carte’ – a posh French phrase that implies something … Continue reading

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Make it hard

(featured image credit: Skitterphoto) Nudging is about ‘making it easy’, but sometimes difficult can be better We are very much creatures of habit. Unlike what neoclassical economists would have us believe, most of us are also generally not utility maximizers, … Continue reading

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Belief without value

Our beliefs often stand in the way of better decisions – because we value them too much The great economist John Maynard Keynes reportedly once said, ‘When my information changes, I alter my conclusions. What do you do, Sir?’ As … Continue reading

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