The Cookie Monster is working on self-control, but he may not know about discounting. This clip would be really good to introduce discounting and time preferences even though Cookie Monster isn’t getting anything for waiting.
Adam Ruins Everything — Gift Giving
Adam does a great job working through the inefficiency of gift giving because of how people value different items.
BusinessInsider — Buying People’s Powerball Ticket
Business Insider wanted to test just how strong the endowment effect (regret avoidance) is when it comes to Powerball tickets for the large jackpot this past week. Overall, people seemed really inclined to want to keep their numbers, even when offered the twice what they paid for the tickets.
College Humor: Second Cheapest Wine
A good topic in the behavioral section covers blind tastings and price anchors. The story of wine rating inconsistencies (here’s one from Vox) is a great example and this video can be used to put a little humor into the narrative.
Old Dominion: Break Up with Him
When I get to the chapter on sunk costs, I always play this music video before class starts. I typically use relationships in the behavioral portion of the class because most students can relate to the idea of sunk costs in terms of old relationships.
Blackish: Gift Giving
The Johnson’s Christmas has changed a bit, but it looks like the children still don’t appreciate the gifts they were given. Junior perfectly demonstrates the inefficiency of gift giving by noting that his parents took money he could use anywhere and turned it into money he could only use at one store.
Vox: Why Are Weddings So Expensive
A great look from Vox on the asymmetric information involved in the wedding industry.