Cognitive scientists have known for decades that humans are inherently irrational when it comes to making economic decisions. This may seem obvious to a good poker player, who will likely utilize mathematical probability to make economic decisions during a poker game, but to most people the fact that they have systematic economic biases might come as a surprise.Continue reading
On January 6, 1995, a large five-foot-six 270-pound middle-aged man robbed two Pittsburgh banks in broad daylight. He didn’t wear a mask or any sort of disguise. And he smiled at surveillance cameras before walking out of each bank.
Later that night, police arrested a surprised McArthur Wheeler. When they showed him the surveillance tapes, Mr. Wheeler stared in disbelief. “But I wore the juice,” he mumbled.Continue reading