Archive for the ‘Behavioral economics’ Category

An Economist Walks into a Bar   Leave a comment

Link: https://www.npr.org/2020/10/12/923123253/an-economist-walks-into-a-bar

This podcast discusses how many groundbreaking ideas were discovered at bars and how they could potentially foster innovation. Individuals like Mike Andrews have researched this through studying the number of patents filed during Prohibition. Andrews found that innovation is mainly sparked through connections made with other individuals. As seen with the Covid-19 pandemic, individuals are still finding remote ways to foster innovation through technologies like Zoom.

Original Air Date: October 12,2020

Length: 9 minutes 59 seconds

Posted November 24, 2020 by meaghanprice3 in Behavioral economics, THE INDICATOR

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The Holiday Shopping Season is Already Here   Leave a comment

Link: https://www.marketplace.org/shows/marketplace/the-holiday-shopping-season-is-already-here/

About 100,000 businesses have had to shut down due to Covid-19, and the ones who have survived have had to change many aspects of product promotion. This is in part due to the changes we have seen in consumer behavior because of the pandemic. One way companies are adapting is by starting to sell for holidays now to combat the economic blow they have suffered because of Covid-19 and to make sure there are no shortages of products once the holidays arrive.

Original Air Date: October 12, 2020

Length: 28 minutes, 22 seconds

Discussion Prompt 1: What other ways have you seen businesses adapt to the impacts of Covid-19?

Discussion Prompt 2: Do you think Covid-19 will permanently alter the way consumers behave? If so, how? What about businesses?

Mask Communication   Leave a comment

Link: https://www.npr.org/2020/08/07/900273012/mask-communication

This podcast uses behavioral economics to analyze the reasons why people may refuse to wear masks. Economists believe when these individuals feel external constraints on their freedoms, they feel even less inclined to wear a mask. Behavioral economists discuss nudges/incentives that could be effective in this situation.

Original Air Date: August 7, 2020

Length: 26 minutes 26 seconds

Discussion Prompt: What are some other incentives you can think of that would influence more widespread mask wearing?

We Shouldn’t Stick Our Heads In The Sand, But We Do It Anyway   Leave a comment

ostrich effectLink: http://www.npr.org/2017/09/18/551901221/we-shouldn-t-stick-our-heads-in-the-sand-but-we-do-it-anyway

Summary: We all have experienced information aversion when it comes to information that provokes psychological pain. When the stock market crashes, do you continue to frequently check your portfolio, or ignore it completely since you anticipate future losses? If you chose to put your portfolio to the side, this exemplifies “the ostrich effect”. This term comes from not birds, but investors. Hidden Brain discusses how information aversion is associated with people avoiding information that is unpleasant. While we know that ignorance can be bliss, knowledge is power.

Original Air Date: September 18, 2017

Length: 26 minutes 41 seconds

 

 

The Fine Print   Leave a comment

fine-print-2-71ae63c3d53fa5681bb995b77857273174e07eca-s1600-c85.jfifLink: http://www.npr.org/sections/money/2017/03/31/522226226/episode-762-the-fine-print

Summary: Everybody at one point in their life has heard the term “Got to read the fine print”.  But what does that actually mean? Planet Money tells stories about what happens when you read the fine print, and how you can make money from it.

Original Air Date: March 31, 2017

Length: 19 minutes 32 seconds

The Return of the Colonel   Leave a comment

kfc-photo-61bd6786f4d94ceb7e19d62f8c8cd92f6897aa70-s1600-c85.jfifLink: http://www.npr.org/sections/money/2016/02/17/467108611/episode-684-the-return-of-the-colonel

Summary: Colonel Sanders passed away years ago, which began the strained relationship between KFC Corporate and the KFC Franchises.  After a disastrous Oprah segment leading to a free giveaway, the relationship hit rock bottom.  Planet Money discusses how re-introducing Colonel Sanders (the character), led to happier franchises and more sales for corporate.

Original Air Date: February 17, 2016

Length: 15 minutes 2 seconds

Chuck E. Cheese’s: Where a Kid Can Learn Price Theory   Leave a comment

untitledLink: http://freakonomics.com/podcast/chuck-e-cheeses-kid-can-learn-price-theory/

Summary: Chuck E. Cheese’s has a reputation for offering family fun events at an affordable cost.  However, is the affordable cost the reason why infamous brawls between parents appear on YouTube? Freakonomics researches Chuck E. Cheese’s price strategy to find out what effect it has on disputes involving police.

Original Air Date: March 8, 2017

Length: 31 minutes 19 seconds

Why Do We Tip?   Leave a comment

tipping-71e24965a60e3a967405193ceb365075c19afd1d-s1600-c85.jfifLink:   http://www.npr.org/sections/money/2016/01/20/463726763/episode-283-why-do-we-tip

Summary: Tipping has become a staple in many industries in today’s society.  The common belief is that with better service results in a better tip.  Planet Money discusses whether a tip really is an incentive to give better service, or if it is now expected regardless of service.

Original Air Date: January 20, 2016

Length: 17 minutes 36 seconds

Discussion Question: Is it unethical to not give a tip if good service was given? Or is it unethical to expect a tip given it is a loss for the consumer? Discuss the incentives and utility for both the consumer and employee regarding tips.

Dear Economist, I Need A Date   Leave a comment

hearts-a7005807b2f51f3d19a6d6b332896854a9a7b5dc-s1600-c85.jfifLink: http://www.npr.org/sections/money/2017/03/01/517985813/episode-513-dear-economist-i-need-a-date

Summary: Love isn’t a word you would normally associate with Economics.  Applying the principles of Economics to your relationships seems preposterous.  But is it?  Planet Money discusses how economics are beneficial to your love life and can help you save on the one cost of love: time.

Original Air Date: March 1, 2017

Length: 23 minutes 13 seconds

Pay Patients, Save Money   Leave a comment

pay patientsLink: http://www.npr.org/sections/money/2015/10/02/445371930/episode-655-pay-patients-save-money

Summary: The Planet Money team shines a light on a business that helps people save money on healthcare expenses in way similar to a travel agency that shows the prices of different flights and destinations.

Original Air Date: October 5, 2015

Length: 19 minutes 1 second