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George Akerlof
The Problem of Present Bias and Time-Inconsistent Behaviour
Source: 'Phishing for Phools' by Akerlof and Shiller
The book 'Phishing for Phools' by Nobel laureates George Akerlof and Robert Shiller provides an accessible explanation of the 'market for lemons' and introduces a broader theory of how free markets can lead to manipulation. The authors argue that businesses often have an incentive to exploit consumers' psychological biases and incomplete knowledge. [2, 5]
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Source: 'Phishing for Phools' by Akerlof and Shiller
Commitment Devices as a Strategy Against Present Bias
Source: 'Phishing for Phools' by Akerlof and Shiller
Learn After
Phishing for Phools: Businesses Exploiting Consumer Psychology