Prof. Bryan Caplan Writes:
[...]
> Joel Simon Grus wrote:
>
> > (1) Where else do people buy things without knowing the price first?
> > (I've been thinking and have been unable to come up with any examples.)
>
> Hotel phone calls.
Before single-price nationwide long distance became popular,
peop
Actually, I've dealt with this situation and it's quite different than
the drink at a bar. When you hire a (decent) carpenter, they will
tell you what additional labor cost, should it be required. A reputable
contractor will have this written out before hand, and you will
have signed an agreement
> > (1) Where else do people buy things without knowing the price first?
> Hotel phone calls.
> Also, in restaurants people often order drinks before they see the menu.
> Prof. Bryan Caplan
There are also many situations where the price can change, and alte
Since when is AOL free?
Francois-Rene Rideau wrote:
"This is a gratuitous statement, and unless you begin arguing it,
hopefully with economic arguments (since this is Armchair Economists).
I'll assume that you utter it out of the same blind religious
superstition as the other people I've seen defend democracy.":
Uh no,
Reasoning: Just when we needed economists to be keen about how progressive
measurements can lead the way to our knowledge age, they seem to have no
appetite. The Economist Catch 22: let's rubbish the New Economy rather than
the old measures and greeds which ruined the first wave of experiments of
Why do people not reject decisions, which with hindsight are unfavourable?
The "drink order paradox" seems to be similar to the subject of following
paper:
"Illusion of Expertise in Portfolio Decisions: An Experimental
Approach"
GERLINDE FELLNER, WERNER GUETH, BORIS MACIEJOVSKY
ABSTRACT:
Over
