Imagine the following very regular situation- after a great Saturday night out at his favorite country bar, Jim decides to call it a night and head back home. He steps out and sees a line of yellow cabs waiting. He ignores them and pulls out the Uber app on your IPhone. The app informs him that surge pricing is at 2x. This means his uber ride will be more expensive than hailing a regular cab.
Yet Jim ignores both the cost and additional waiting time and sticks to the Uber ride. Seems familiar? Irrational?Continue reading “Behavioral Economics in Emerging Storage: Taking away the Pain of Paying”