How does one connect Ukraine, watches, herd-mentality and even Palestine? Well, that’s essentially what I’ve done here. Unless you’ve been living under a rock, this is a topic that has overwhelmed every screen on earth for the last month, so I thought we could look into it a little more. The TLDR is this: When most people around you have a certain position, or believe one thing, then the cost of believing something else is extremely high.
Richard Thaler, Daniel Kahneman and Amos Tversky are the pioneers of the field called “behavioural economics”, two of them even won Nobel prizes for their work and the third would have too, if he was alive to receive it. The trio uncovered numerous ways in which people make poor decisions without knowing it. Here’s a short podcast where Thaler tells a number of stories that bring behavioural economics to life. I wanted to talk about some of their findings (again) and apply it to watch collecting in some way.