By way of a high ten listing for Thanksgiving, behavioral economics can clarify our vacation meal.
Thanksgiving High Ten Checklist
10. Defaults
- As a default, the standard Thanksgiving menu is less complicated to pick than a brand new meal.
9. Affirmation Bias
- Confirming our bias, the meal tastes good as a result of we count on it to be good.
8. Selection Structure
- The “architecture” of the menu skyrockets our calorie consumption to over 3,000 energy.
7. Diminishing Marginal Utility
- The primary bites are one of the best bites. After that we get much less additional pleasure.
6. Temporal Discounting
- Thanksgiving dinner offers us appreciable short-term pleasure. However there’s a long-term value.
From right here, conventional financial concepts can take over:
5. Future Expectations
- A few of us demand much less throughout dinner as a result of we stay up for leftovers.
4. Complementary Items
- Excellent with turkey, cranberry sauce and stuffing have enormous demand.
3. Price
- It takes roughly 1.8 hours of labor for somebody that earns a mean U.S. wage of $29.81 (BLS/non-public payrolls) to pay $58.08 for this yr’s Thanksgiving meal for 10.
2. Inflation
- Displaying success within the warfare in opposition to inflation, at $61.17, dinner for 10 is down from final yr’s $64.05.
1. The Invisible Hand
- By way of the market system, the invisible hand makes positive that we produce and distribute many thousands and thousands of Thanksgiving birds. At almost 34 million this yr, the variety of turkeys tjat come from Minnesota make it our high turkey producing state.
- On the similar time, we ship many turkeys past our borders. With turkey manufacturing down this yr, the next 2021 numbers might be excessive however they convey an correct commerce image.:
Our Backside Line: Comfortable Thanksgiving!
Benefit from the meal.
(And please, tell us what you would come with in your Thanksgiving financial high ten listing.)
Right this moment’s submit is an up to date model from final yr.
The submit A High Ten Checklist For Thanksgiving appeared first on Econlife.
