Written by Dhruvi Dedhia Would you rather watch a movie rated 8/10 on IMDb or one rated 4/10? Or want to stay at a 5-star hotel as opposed to a 2-star one? Several studies have shown that consumers tend to be heavily affected by user reviews (i.e., ratings and feedback by consumers who have purchased…
Category: Boundaries of Economics
Op-Ed: Patagonia Proves the Success of Sustainable Corporations
Written by Gabby Land As the world becomes increasingly more concerned about social justice, inequality, and sustainability issues, many consumers are looking for accountability in the companies that they buy from. Alas, the concept of benefit corporations, or “B Corps” offer a vehicle for companies to demonstrate their commitment to social and environmental performance and…
Benefits and Critiques of the Field of Behavioral Economics as it has Developed
Written by: Anjali Kota A relatively new field of study in the branch of economics is behavioral economics, the intersection of psychology and economics. The field of behavioral economics places an emphasis on why consumers make certain economic decisions by taking rational choice theory and interpreting it using actual consumer psychology. While traditional economics is…
Opinion: Financial Literacy 101: A Finance Survival Handbook for Students
Written by Tianqi (George) Sun Financial literacy is crucial to a student’s well-being in college. Personal finance education should begin as early as possible to set a strong foundation and prevent financial difficulties later in life. However, the resources for financial literacy are limited and not always easily accessible. Plenty of students who are living…
Before Keynes, Marx, and Smith, there was Khaldun
Written by Claire Arp Note: The Muqaddimah was written in 14th century Arabic and was not available in a European language until it was translated into French in the 18th century. Quotations used in this article are from a modern translation that attempts to preserve the exact meaning of the original text. As long as…
Op-Ed: Why Limiting Campaign Spending Will Not Resolve Political Inequality
Written by Yael Atzmon Every election cycle, televisions all over the country are subject to an endless barrage of campaign related media. Nowadays, campaigns require an inane amount of funds and resources to produce the kind of advertisements that flood American media outlets. While activists and policymakers propose straight-forward policy that limits campaign expenditure, the…
Dynamic Inconsistencies and Economic Lies
Written by Maren Blanchard Many of us know at least one person who is chronically late. If you tell them that dinner is at 5:00 PM, you will be waiting for them until at least 5:30. You understand their patterns and how they will behave based on the information you give them. Now, assume that…
The Economics of Organized Crime: A Sopranos Case Study
Written by Daniel Rosenkranz 24 karat gold watches, 50-foot yachts, houses on the shore, and so much liquid cash it needs to be hidden in the bedroom closet of a retirement home. All of this- from the watches to the cash- define the lavish life of Tony Soprano. In the renowned fictional TV show The…
Op-Ed: How New Ownership of the Phoenix Suns Swung the Title Odds in Their Favor
Written by Beck Smolak On December 20, 2022, a present came early for Phoenix Suns fans as Mat Ishbia bought a majority stake in the team for a record-setting $4 billion (Reynolds 2023). Robert Sarver, the previous owner, had been in charge for almost two decades yet was strongly disliked by the public. Ishbia attained…
Op-Ed: Applications of Behavioral Economics in Pharmaceutical Policy
Written by Siddharth Desai Pharmaceutical policy was formed under the guise of fundamental economic concepts, which presume the rationality of all involved parties. However, according to behavioral economics, a style of economic analysis that utilizes psychological insights into human behavior to explain economic decision-making, consumers frequently exhibit predictable patterns of irrational behavior (Oxford Dictionary). Policymakers…