In 1990, economists Richard Thaler conducted an experiment at Cornell University. They gathered a group of students and gave half a Cornell University coffee cup (retail value $6.00) and nothing to the other group of students. They then asked the coffee cup group and the no-cup group to set selling and buying prices for the mugs.
Ever make a deal with your kids? If they bring home an “A” in school, you’ll give them a reward. If they behave at a special event, you’ll get them a toy. If they clean their room every week for a month, you’ll take them to the Taylor Swift concert. That’s called conditioning. Whether you have