Friday, July 23, 2010

Can't Decide There is an App for That

Standard economic models assume that people can make decisions. Sometimes life gives us too many decisions to make and we can't decide what to do.

Behavioral economics tries to take into account that people are irrational and sometimes can't choose what they want to do. Dan Ariely is one of the leading behavioral economists and he is trying to help you make choices. He had one of his students create an Iphone App that will list the choices you are trying to make. It allows you to set a deadline for each choice (see his blog post here). If you don't decide before then, it makes the choice for you at random

Only $1.99, if you are having trouble deciding to buy it as one commenter on his blog did. Ariely provides one free decision suggestion for you, he recommends you the buy it (I'm guessing that recommendation wasn't random.)

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