Irrationally Rational: Ten Nobel Laureates Script the Story of Behavioural Economics

You and your friend both have flights to catch at 8 p.m., but get caught in a rare traffic jam. You end up at the airport around midnight, and both miss your flights. The quantifiable consequences of missing the flights are identical for both, but your friend feels the greater disappointment as their flight was almost four hours late.

Format: Paperback / softback
Length: 328 pages
Publication date: 24 June 2022
Publisher: Penguin Random House India

You and your friend each have flights to catch at 8 p.m., and your destination cities are different. You decide to share a cab, but unfortunately, you get caught in a rare traffic jam that lasts several hours. By the time you reach the airport, it's around midnight, and unfortunately, both of you miss your flights.

The quantifiable consequences of missing the flights, such as the cost of tickets, cancellation fees, paying for a new ticket, taking a cab back to the city, an overnight stay, and taking a cab back to the airport the next morning, are expected to be identical for both of you.

Now, suppose the airline assistant tells you, "Sorry, your flight left as scheduled at 8 p.m. sharp." However, your friend is told, "Oh, how very unfortunate. Your flight was almost four hours late and only just departed!"

Who feels the greater disappointment? You or your friend?

This scenario presents a fascinating paradox. On the one hand, you and your friend are in the same situation, both missing your flights due to unforeseen circumstances. However, the way you are each informed about the situation differs significantly.

Your friend is told that their flight was almost four hours late and only just departed, which implies that the airline is responsible for the delay. This can lead to feelings of frustration, disappointment, and even anger towards the airline. Your friend may feel that they have been let down and that their travel plans have been disrupted, causing them to incur additional costs and inconvenience.

On the other hand, you are told that your flight left as scheduled at 8 p.m. sharp, which implies that the delay was not the airline's fault. This can lead to feelings of guilt, remorse, and even embarrassment. You may feel that you are responsible for the missed flight, even though it was out of your control. You may also feel that you have let your friend down by not being able to catch the same flight together.

In conclusion, the greater disappointment between you and your friend in this scenario depends on your individual perspectives and values. If you prioritize punctuality and dependability, you may feel more disappointed about missing your flight, even though it was not the airline's fault. On the other hand, if you prioritize empathy and understanding, you may feel more disappointed about your friend's situation, even though it was not your fault.

Dimension: 276 x 219 (mm)
ISBN-13: 9780143458166