Status Updates From The Winner's Curse: Paradox...

On the page 143, it mentioned a survey which led to the paper listed in the link here. The paper indicates that from the findings of the survey, people would rather have the increasing wage profiles instead of the decreasing one, while the decreasing one actually generated higher net present value. so why has adult life of job and works turned out to be this way? LOL

Hum he and researches spent lots of time and energy to show the evidence through math that humans favor immediate gains and exercise short term thinking, while I haven't been lost and confused what the heck discount rate means with all finance 101 running through my head

Duh....but as long as both sides have fun.

“But the reaction of most economists was just to ignore Allais, perhaps in part because, although his paper had been published in the prestigious journal Economicrica, it was written in French.”