Would you rather serve soup at a homeless shelter for free, or for $2 per hour? If you’re in a country with a high minimum wage like Canada, you would probably rather volunteer. For the same reasons, your mother-in-law would be offended if you offered to pay her $20 for making a family dinner. I […]
Don’t Forget Sunk Costs, Stupid!
People are normally fairly intelligent. Although there are many exceptions, people tend to make rational decisions. However, there are some decisions that most people get wrong (including me). There is a whole field of psychology devoted to these non-random acts of stupidity, known as cognitive biases. I’ve always found cognitive biases interesting, since understanding them […]