Should We Hope Congestion Gets Worse?

One of the less cheery parts of studying transportation is that the activity you have devoted your life to is widely considered an unmitigated downer. Even aside from the external environmental costs each trip places on society, travel is held to be no fun for the traveler. We don't hop behind the wheel for the love of being honked at, cut off and stuck behind a creeping bus or semi; we endure travel only because we've got someplace to go. Right?

Subjective Well-Being Inside the Obama Administration

An interesting observation about the potential policy impact of "happiness economics" in this weekend's Financial Times from the always-astute Tim Harford...

The Magic Income Number

What's the magic income number? According to Angus Deaton and Daniel Kahneman, it's about $75,000, at least when it comes to day-to-day happiness.

The Priesthood

Kahneman, who has described economics as a strict priesthood, says, “Yes, I have spoken of a church, but it is not a church where you get burned at the stake for being a heretic, because otherwise a lot of people wouldn't be around!”

Loss Aversion in the N.F.L.

Football coaches are known for being extraordinarily conservative when it comes to calling a risky play, since a single bad decision, or even a good decision that doesn’t work out, can get you fired. In the jargon of behavioral economics, coaches are “loss-averse”; this concept, pioneered by Amos Tversky and Daniel Kahneman, holds that we […]