Tag Archives: behavioral economics

Memory vs. Experience: Behavioral economics explains why the (back) end matters

"I can't leave until I make a shot." You'll hear this all the time on a basketball court. Growing up I had a friend that was annoyingly loyal to this behavior. Why? Sure, we all want to make another shot, but is there a more profound reason? The research of Daniel Kahneman gives a possible explanation: The Peak-End rule.

Kahneman is a Nobel-prize winning psychologist famous for being one of the founders of behavioral economics, and, in one of my favorite books, Thinking Fast and Slow, espousing a view of human behavior antithetical to many previously held notions. read more

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