Chapter 22 of my favorite textbook discusses diverse ways inwards which private decisionmaking deviates from touchstone notions of rationality. Here is a novel ane to me (from the NBER Digest):
In Heuristic Thinking as well as Limited Attention inwards the Car Market (NBER Working Paper No. 17030), authors Nicola Lacetera, Devin Pope, as well as Justin Sydnor focus on the used machine marketplace as well as inquire whether it is affected past times consumers exhibiting a heuristic, or curt cut, known every bit left-digit bias: the style to focus on the left-most digit of a set out land partially ignoring other digits.
Using information that come upwards from wholesale auctions encompassing to a greater extent than than 22 1000000 used machine transactions, the authors document pregnant cost drops at each 10,000-mile threshold from 10,000 to 100,000 miles, ranging from close $150 to $200. For example, cars amongst odometer values betwixt 79,900 as well as 79,999 miles, on average, are sold for around $210 to a greater extent than than cars amongst odometer values betwixt 80,000 as well as 80,100 miles, simply for alone $10 less than cars amongst odometer readings betwixt 79,800 as well as 79,899.Sumber https://gregmankiw.blogspot.com/
