A natural monopoly occurs when an industry gives the best social outcome if it is run by a single firm. For instance, building two railways lines to a small town wastes resources. the two lines, therefore, don’t increase public welfare. What can we say about natural monopoly and the Beer Store? The Problem Of Monopoly…
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A Taxonomy Of Nudging
One of the most popular ideas in the behavioural sciences at the moment is “nudging”. This is applying a light touch to encourage people towards certain actions. People often are a little unclear on what a nudge is. As such it is helpful to have a taxonomy of nudging. What Is A Nudge? What Then…
Behavioral Econ For Kids: The Cartoon Book
The new (third) edition of Behavioral Economics for Kids. What Is the Aim of The Book? Firstly, this isn’t the sort of book you just give to your five year old and expect them to digest it. In other words, I aimed the book at parents, students, and scholars. As a result of being a…
The Politician’s Fallacy
Yes Minister, a British TV show, explained a logical mistake called The Politician’s Fallacy. The politician sees a problem and feels that “Something must be done”, They find an approach and say “This is something”, Then they make a logical leap, “this must be done”. Measuring National Culture Numerical analysis of culture in business reminds…
Evolution And Jack Welch
While it is rarely explicitly acknowledged evolutionary thinking is central to business theory. People often believe selection pressures change populations competing in markets. (How exactly this happens is often a little vague). What is the connection between evolution and Jack Welch? Evolutionary Thinking In Economics Armen Alchian was an early proponent of evolutionary thinking in…