How to Set a Better Budget
Accounting for atypical costs such as car repairs and medical bills can make consumers’ spending estimates more accurate.
How to Set a Better BudgetYouTube users have posted countless videos aimed at helping others acquire new skills, from frivolous talents to specialized technical skills. But while many of these videos may be useful, Chicago Booth PhD candidate Michael Kardas and Booth’s Ed O’Brien find that they can also breed overconfidence. Research participants who repeatedly watched YouTube tutorials tended to have more confidence in their ability to perform the skills being demonstrated than those who watched the videos just once—but when put to the test, they were no more adept than those who’d had just a single viewing.
Accounting for atypical costs such as car repairs and medical bills can make consumers’ spending estimates more accurate.
How to Set a Better BudgetIt’s a precious resource in the ‘distraction economy,’ but our decisions don’t reflect that.
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