Dan Ariely has written several books about irrational decision making, including Predictably Irrational and The Upside of Irrationality. His books are both enjoyable and educational. In addition, he has a regular column in the Wall Street Journal called Ask Dan, which has been the basis for many of my blog posts over the past five … Continue reading How to Avoid Behaving Irrationally
Gift Card vs. Cash – Which Would You Prefer?
It's a question that at first glance, at least to me, has a simple answer. Cash, of course. Cash enables you to do anything you can do with the gift card, plus a whole lot more. A gift card, on the other hand, restricts your choices to just the gift associated with the card. By … Continue reading Gift Card vs. Cash – Which Would You Prefer?
The Sunk Cost Fallacy
You're a college student and a die-hard Bruce Springsteen fan. You bought a ticket for $150 two months ago to see him in an upcoming concert. The day of the show has finally arrived, but you have a big Accounting test the next day. If you go to the show, you will miss some valuable … Continue reading The Sunk Cost Fallacy