Marketplace, the economics program on National Public Radio, is running a fun series this week — asking economists to reflect on how thinking like an economist can shape your personal decisions. While the pieces are pretty light, it’s also a neat opportunity to teach some simple economics. Yesterday, it was my turn, and so I focused my economic lens on my marathon training. And thinking like an economist means thinking in terms of opportunity cost.
When it comes to creativity and storytelling, my sister Linda Jines got all the talent. She, for instance, is the genius who thought up the title “Freakonomics.” In what we hope will be the first in a long line of guest blog posts, today she toasts my father on his 73rd birthday. Levitt’s father in his balaclava. Edina, Minnesota January . . .
A recent study by the ad agency BBDO Worldwide links habitual behavior to product brands. While the findings — that people adopt daily rituals like tooth brushing or midday snacking and typically stick to the same brands while performing them — aren’t very surprising, the methodology is impressive: nine months of ethnographic research in 26 countries, 2,500 hours of documented . . .