Understanding the Sunk Cost Fallacy
At the beginning of this year, I bought an annual bus pass to get onto my university campus. Halfway through the year, though, I realised that »
The Availability Heuristic
How do we estimate frequency in the world? A quick strategy, known as the availability heuristic, is to think about how easy it is to generate »
Understanding Binary
Imagine you have a bunch of pet blobs. You keep your pet blobs in a little row on your desk. They look like this: Now, obviously »
Understanding Principal-Agent Problems
You're young and lazy and you've been hired for a summer job at the record store downtown (remember those?) The boss' »
Understanding the Coase Theorem
First, a caveat: the Coase Theorem is an interesting thought experiment and a stepping-stone to further understanding and not intended as a real description of the »