Yokel Economics

Very good article on decision theory by James Jones, Professor of Mathematics Richland Community College.  The modes discussed are expect value (realist), also called the Bayesian principle, Maximax (optimist), Maximin (Pessimist), and Minimax (Opportunist).  They use the example of a bicycle shop choosing how many bicycles to purchase and sell.  The example is very good [...]

Upward Pull was a term used in marketing to describe the effects of people seeing advertisements that made them aspire. Examples including seeing a nice watch or a luxury vehicle in a magazine. Someone who may have to work for years for those items may see them and aspire to obtain them, despite them normally [...]