From Pet Rocks to Digital Rocks
A Pet Rock JPEG was sold for $2.6 MILLION USD earlier this month…
Category: Behavioral Economics
Marx and Commodity Fetishism: My Love for Playing Cards
It is natural to correlate fetishism with a sexual connotation, but when Karl Marx discussed the fetishism of commodities, he was instead dictating people’s mysterious notion to enter a social contract of anthropomorphizing commodities.
Dealing with uncertainty, Black Swans, Coronavirus, Stock Market Crashes
The flaw that humanity’s approach to probability is that we confuse lack of evidence with proof of certainty.
Buying Supreme will make you less happy (maybe)
Conspicuous spending is defined as the purchase of goods and services primarily for showcasing one’s status and economic wealth to society. It is a display of power.
Decision Making: Sunk Cost Fallacy
At the end of the day, the sunk cost fallacy is caused by pride, loss aversion, and irrational commitment to past decisions. The sunk cost fallacy makes us stupid. Don’t let it trick you.
