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An accidental (behavioural) economist on vacation (again)
The economic way of thinking is a bit like being a small child: asking ‘why’ all the time. Even on holiday…
Maybe one day your correspondent will have observed nothing worth reporting on when on holiday. But it won’t be this year: read on for yet another small collection of vignettes of intriguing human behaviour, seen through the sunglasses of an accidental (behavioural) economist who cannot help wondering why at his own behaviour and that of others.
It began weeks before the actual trip. While completing the booking of our ferry crossing, the site helpfully asked whether I would be interested in paying £10 (each way) extra for priority embarkation and disembarkation. Why would anyone spend this money?
The slippery value of time
A simple question, concealing a rather complex reality. Let’s start with a System-2 perspective, using logic and reasoning to work out the actual benefits, and whether they would represent a good use of £10 (each way).
Clearly, speed would be one. During embarkation, it would give a traveller the chance of finding a suitable spot on the ship before the crowds arrive, and at the other end it would ensure minimal queuing leaving the…
