Burch's Law

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PeerInfinity (+286) Created page with '"I think people should have a right to be stupid and, if they have that right, the market's going to respond by supplying as much stupidity as can be sold." --[http://www.gregbu...'

While Burch was referring specifically to SUV's (which he believed to be badly designed) his point carries far more generally. Examples include:

  • Lotteries, which take advantage of people's inability to understand small probabilities.
  • Cigarettes, which take advantage of the tendency to think about the possibility of lung cancer in far mode while thinking about potential social benefits of smoking in near mode.

A corollary of Burch's Law is that any bias should be regarded as a potential vulnerability whereby the market can trick one into buying something one doesn't really want.

ReferencesBlog posts

Overcoming Bias Articles

"I think people should have a right to be stupid and, if they have that right, the market's going to respond by supplying as much stupidity as can be sold." --Greg Burch

See Also

Footnotes
Less Wrong Articles
Other Resources

"I think people should have a right to be stupid and, if they have that right, the market's going to respond by supplying as much stupidity as can be sold." --Greg Burch

See Also

References

Footnotes
Overcoming Bias Articles
Less Wrong Articles
Other Resources