We should teach the students, as well as executives, how to conduct experiments, how to examine data, and how to use these tools to make better decisions.

The problem with opportunity cost is that opportunity cost is divided among many, many things.

Once we start thinking of ourselves as polluted, there is not much incentive to behave well, and the trip down the slippery slope is likely.

While we somehow understand revenge on an intuitive level between individuals, I do suspect that companies, assuming that people are rational, completely miss and underestimate the motivation people have for revenge.

Who would you trust right now? Which bank would you trust? Which investment would you trust? Do you really want to put your money; do you want to suffer more of these losses that we just had? You know, these volatility that we see is just unexplainable by any rational standards. Nobody has any clue about how to explain this, and nobody wants to experience that. So, we hold more money back, we don't necessarily want to invest in the market and by default, people are saving more.

individuals are honest only to the extent that suits them (including their desire to please others)

What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.