A hotel manager once told a marathoner he could run a six-minute mile. The marathoner — who had raced twenty-six miles at 7:35 pace and knew exactly what a six-minute mile costs a body — called bullshit. The manager didn't retreat to "well, in high school." He doubled down. Nothing about that exchange makes sense … Continue reading Cheap Talk, Costly Feuds: A Pricing Theory of Status and Conflict
Tag: behavioral economics
Everything Becomes Taste
An argument, three failures, and what the failures leave The conclusion at the end of this shouldn't be accepted on its own. Stated flat, it sounds like a shrug: whether a preference is really yours is not a question you can answer, and the harder it presses the less answerable it gets. Said cold, that … Continue reading Everything Becomes Taste
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