Behavioural Economics - An Awkward Corner

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Why And How Do We Cheat?

1. Should nurses treating a burn patient rip out bandages assuming he prefers intense pain over a short period time? Or should they take off the bandages slowly assuming that the patient prefers low-intensity pain over a long period of time? 2. Is a person...

How Do You Pay Your Credit Card Bills?: Lessons From Behavioural Economics

There is a bit of psychology involved in the way people go about paying their credit card bills. The Economist cites a study by Neil Stewart, a psychologist at Warwick University in the UK. "Mr Stewart presented 413 people with mock credit-card bills...