Would you drive 20 minutes out of your way to save $5 on a $15 calculator? Would you drive the same distance to save $5 on a $125 leather jacket? According to research from Richard Thaler at University of Chicago, 68% of respondents would drive to get the calculator but only 29% for the leather jacket.  On the surface, this result is illogical – the savings is the same ($5) in both cases.  The decision seems to be based on the inherent concept of … Read More

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