Predictably Irrational
When I joined LW, I browsed through an article that recommended Predictably Irrational as a read for starters. After reading it, I decided to share my greatest use of the content.
MARKET NORMS VS SOCIAL NORMS
The idea is that there are different forms of currency when dealing with an exchange. Market norms (financial currency) and social norms (favor/casual currency). Each of these are individually effective, but you must beware not to mix improperly or the relationship could be hard to reestablish.
Example: I need a cook to make dinner for myself and some guests. I have a friend who's a chef, yet his rate is double what I can pay. By offering what... (read more)