Introduction: In the realm of decision-making, the human mind is susceptible to various biases and fallacies that can lead to irrational choices. One such influential mental model is the Pari-Mutuel Systems, which has a profound impact on our day-to-day lives. Derived from the French term meaning “mutual betting,” this model originally emerged in the context […]
Introduction In the vast landscape of human decision-making, our minds are subject to various biases and cognitive traps that can lead us astray from rational thinking. One such mental model is the Ratchet Effect, a phenomenon rooted in human psychology that affects our day-to-day lives, personal decisions, business strategies, and even public policy-making. Understanding the […]
Introduction In our pursuit of a better life, we often find ourselves drawn to the allure of luxury. The concept of luxury encompasses the notion of exclusivity, opulence, and indulgence. However, the Luxury Paradox highlights a counterintuitive phenomenon where the pursuit and acquisition of luxury goods or experiences can lead to less satisfaction and suboptimal […]