A continuing topic of interest to this blog are time saving ideas. Last post we discussed a way to cut down on your time spent reading, by aging magazines like a fine wine.
The example we used was focused on The Economist magazine. While we managed to gain the upper hand over their Editorial staff, it was the Marketing department that one-upped us. Namely they managed to get us to buy a subscription we really didn’t need with some clever psychology.
It wasn’t until I read Dan Ariely’s book “Predictably Irrational” a year later that I understood their ploy. For a great introduction to Behavioral Economics click on the picture below for a 17 minute video of Dan at the 2008 TED Conference. He describes what The Economist did 12:30 minutes into his fascinating talk.
If you don’t want to watch the entire video, after it loads in your browser just click the progress bar to get to 12:30 minutes.
By the way, the title “Got Quant?” is my shorthand for the concept that Behavorial Economics explains some Madison Avenue marketing techniques by using quantitative analysis.