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Chapter 2: Rational Riddles: Why U2 Concerts Sell Out

📌 When we assume that people are rational, we emphatically do not assume anything about their preferences
⏱ 2025-04-16 12:54:37

📌 Hiring a celebrity to endorse your product is like posting a bond. The firm makes a substantial investment up front and reaps returns over a long period of time. A firm that expects to disappear in a year won’t make such an investment. When I see a celebrity endorsement, I know that the firm has enough confidence in the quality of its product to expect to be around a while.
⏱ 2025-04-17 12:54:34

📌 Celebrity endorsements will be more common for goods whose quality is not immediately apparent.
⏱ 2025-04-17 12:54:39

📌 On the other hand, when a customer buys an item for 99 cents and hands the clerk a dollar bill, the clerk has to make change. This requires him to open the cash drawer, which he cannot do without ringing up the sale. Ninety-nine-cent pricing forces clerks to ring up sales and keeps them honest.
⏱ 2025-04-17 12:58:14

📌 When we raise questions about activities like voting or gift giving or anonymous tipping, it is never our intention to be critical of them. Quite the opposite: Our working assumption is that whatever people do, they have excellent reasons for doing it. If we as economists can’t see their reasons, then it is we who have a new riddle to solve.
⏱ 2025-04-20 12:43:17

Chapter 3: Truth or Consequences: How to Split a Check or Choose a Movie

📌 careful
⏱ 2025-04-20 12:50:39

📌 Asymmetric information typically yields surprising outcomes, driven by one party’s efforts to guess what the other party knows.
⏱ 2025-04-20 12:52:08

📌 When the person you are dealing with knows more than you do, there are two general approaches to mitigating your disadvantage. One is to design mechanisms that elicit appropriate behavior : Give insurance discounts to nonsmokers, or give out free fire extinguishers, or design pay packages that get the incentives right. The other is to design mechanisms that elicit the information itself.
⏱ 2025-04-27 12:49:49

Chapter 4: The Indifference Principle: Who Cares If the Air Is Clean?

📌 Call it the Indifference Principle: Unless you’re unusual in some way, nothing can ever make you happier than the next best alternative.
⏱ 2025-04-28 12:37:37

📌 Only the owner of a resource in fixed supply can avoid the consequences of the Indifference Principle.
⏱ 2025-05-10 12:49:29

📌 The Indifference Principle guarantees that all economic gains accrue to the owners of fixed resources.
⏱ 2025-05-10 12:50:27

📌 My goal is to make an argument with three steps, and I have made two of them. First is the Indifference Principle: When one activity is more attractive than another, people switch to it until it stops being more attractive (or until everyone has switched, if that happens first). Second is its corollary: Only fixed resources generate economic gains. In the absence of fixed resources, the Indifference Principle guarantees that all gains are competed away.
⏱ 2025-05-13 12:56:18

Chapter 5: The Computer Game of Life: Learning What It’s All About

📌 The export business is the downside of international trade. You don’t enjoy doing the other class’s laundry but you do enjoy eating their brownies.
⏱ 2025-05-14 23:57:32

📌 All mainstream economic models assume that people strive to consume more and to work less. All mainstream models judge an economic policy to be successful only when it helps people to accomplish at least one of those goals. By the standards of economics, a policy that does nothing but encourage people to work harder and die wealthy is a bad policy.
⏱ 2025-05-15 00:01:59

📌 Wonks want Americans to die rich; economists want Americans to die happy
⏱ 2025-05-15 00:02:38

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