Does supply and demand determine markets? | Big Think

April 24, 2012
by
Big Think
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Does supply and demand determine markets? | Big Think

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Does supply and demand determine markets?

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Imagine if tomorrow the price of milk doubled and the price of alcohol was cut in half. Would we change our behavior accordingly?

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Dan Ariely:

Dan Ariely is the James B Duke Professor of Psychology and Behavioral Economics at Duke University. He is the founder of The Center for Advanced Hindsight and co-founder of BEworks, which helps business leaders apply scientific thinking to their marketing and operational challenges. His books include Predictably Irrational and The Upside of Irrationality, both of which became New York Times best-sellers. as well as The Honest Truth about Dishonesty and his latest, Irrationally Yours.

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