The consumer watchdog has accused Kogan Australia of misleading customers, by touting discounts on more than 600 items it had previously raised the price of.
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Most pricing structures nudge us to spend more. But there’s a particularly cunning type of pricing that can get us to swap our preference from a cheaper to a more expensive option.
We find it hard to read forms and to understand risk, so we stick with what we know.
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Overseas research says putting the clock forward hurts the financial markets. But not in Australia, according to a real-world study along the Queensland-NSW border.
People put off exploring alternatives to the default.
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We don’t actually know how NDIS participants weigh their personal goals and then make choices about achieving them through services, supports, therapies and interventions.
You may still feel losing a wallet more than finding it.
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While disaster insurance would go a long way in averting losses, demand for cover is still lower than expected.
In some cases, pay what you want did not provide an increase in revenue. A recent example is the closure of the Footscray Lentils as Anything restaurant.
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When we lust for riches, fear being left behind and identify strongly with some moral cause all at once, reason and willpower don’t really stand a chance.
Employers can encourage employees to be more active through office design.
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Research shows that corporate wellness programs don’t really work. If companies want to boost employee health they should consider designing the workplace to encourage the right behaviour.
People don’t evaluate government policies through mathematical models or with long-term goals in mind.
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Treasury modelling suggests that limiting negative gearing will lead to small change in prices. But behavioural economics shows it all depends on how the policy is framed.
Richard Thaler, laureate in economics, receives his Nobel in Stockholm in December.
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After two Nobel prize wins for behavioral economists, the burgeoning field has demonstrated its importance in shaping effective economic and government policy.