Testing assumptions in the field can avoid costly errors in decision-making.
The principles of transparency and disclosure are visible everywhere from fast-food menus to financial regulation. But if lawmakers don’t consider the behavior of both markets and consumers, better information may not translate to smarter shoppers.
Former US President George W. Bush accepted the ALS Ice Bucket Challenge. Leonardo DiCaprio, Mark Zuckerberg, and Kermit the Frog joined in. UK Prime Minister David Cameron and US President Barack Obama paid to avoid it.
According to a humor essay published in a 1955 issue of the Economist, Parkinson’s Law states that if you’re given a lot of time to do a task, you’ll find a way to fill it.
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