How credit cards bribe the purchasing agent
“They competed on the basis of raising prices. What other industry do you know that gets away with that?” Charlie Munger talks about how you can bribe the purchaing agent. I have one more …
Incentives
Social Dilemmas: When to Defect and When to Cooperate
Social dilemmas arise when an individual receives a higher payoff for defecting than cooperating when everyone else cooperates. When everyone defects they are worse off. That is, each member has a …
The Psychology of Pirates: How to Choose a Ransom
Reading The Invisible Hook really got me hooked on learning more about pirates. How do pirates decide what ransom to ask for? The answer, from an interview with an actual pirate, might surprise you. …