Comments on: Taxi Cab Confessions http://trueslant.com/ryansager/2009/11/13/taxi-cab-confessions/ A newswire of human stupidity Sun, 15 Jan 2012 12:16:44 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: Don’t Leave Home Without It? - Ryan Sager - Neuroworld - True/Slant http://trueslant.com/ryansager/2009/11/13/taxi-cab-confessions/comment-page-1/#comment-2391 Don’t Leave Home Without It? - Ryan Sager - Neuroworld - True/Slant Wed, 07 Apr 2010 18:18:52 +0000 http://trueslant.com/ryansager/?p=8689#comment-2391 [...] cards have a relatively well-documented effect of making us looser with our money. When “spending” “money” is just swiping [...] [...] cards have a relatively well-documented effect of making us looser with our money. When “spending” “money” is just swiping [...]

]]> By: Credit and Full Faith « Unkategorized http://trueslant.com/ryansager/2009/11/13/taxi-cab-confessions/comment-page-1/#comment-2043 Credit and Full Faith « Unkategorized Tue, 02 Feb 2010 15:51:46 +0000 http://trueslant.com/ryansager/?p=8689#comment-2043 [...] spend twice as much when paying with credit as when we’re paying with cash.  In November a New York City authority required all cab drivers to install credit card machines in their cars.  The drivers resisted, but wound up making more money as a result: The story boils down to loss [...] [...] spend twice as much when paying with credit as when we’re paying with cash.  In November a New York City authority required all cab drivers to install credit card machines in their cars.  The drivers resisted, but wound up making more money as a result: The story boils down to loss [...]

]]> By: Want higher tips? Accept credit cards « Free Market Mojo http://trueslant.com/ryansager/2009/11/13/taxi-cab-confessions/comment-page-1/#comment-1574 Want higher tips? Accept credit cards « Free Market Mojo Sun, 15 Nov 2009 17:41:23 +0000 http://trueslant.com/ryansager/?p=8689#comment-1574 [...] higher tips? Accept credit cards Andrew Sullivan points to an interesting post by Ryan Sager on New York City taxi drivers being required to let customers pay with credit cards, a move [...] [...] higher tips? Accept credit cards Andrew Sullivan points to an interesting post by Ryan Sager on New York City taxi drivers being required to let customers pay with credit cards, a move [...]

]]> By: plaak http://trueslant.com/ryansager/2009/11/13/taxi-cab-confessions/comment-page-1/#comment-1572 plaak Sun, 15 Nov 2009 14:59:57 +0000 http://trueslant.com/ryansager/?p=8689#comment-1572 Your coin toss example is ambiguous. If I had to guess I would interpret the winning outcome as a net $10 win, after you subtract the $10 you put into the bet, and with $10 loss your expected value would be exactly $0. In other words, you would win absolutely nothing on average and it would be a waste of time. Although it's possible you might get "lucky", you have an equal chance of getting unlucky. Furthermore, if you had a limited bankroll (say 3 dollars) you could run a risk of financial ruin... It all depends on how you define the win. Obviously if you actually net 20 dollars when you win, then the expected value of each bet is $10. In other words, you would on average double your bet each time you play. You would be stupid not to play as much as possible if you could afford some risk and had a decent bankroll... I certainly believe that many people might not understand the mathematics behind bets of this nature (see: lottery) or might be excessively risk averse, but I would be interested to actually see how these experiments were constructed. Your coin toss example is ambiguous. If I had to guess I would interpret the winning outcome as a net $10 win, after you subtract the $10 you put into the bet, and with $10 loss your expected value would be exactly $0. In other words, you would win absolutely nothing on average and it would be a waste of time. Although it’s possible you might get “lucky”, you have an equal chance of getting unlucky. Furthermore, if you had a limited bankroll (say 3 dollars) you could run a risk of financial ruin…

It all depends on how you define the win. Obviously if you actually net 20 dollars when you win, then the expected value of each bet is $10. In other words, you would on average double your bet each time you play. You would be stupid not to play as much as possible if you could afford some risk and had a decent bankroll…

I certainly believe that many people might not understand the mathematics behind bets of this nature (see: lottery) or might be excessively risk averse, but I would be interested to actually see how these experiments were constructed.

]]> By: lesbiantippinghabits http://trueslant.com/ryansager/2009/11/13/taxi-cab-confessions/comment-page-1/#comment-1570 lesbiantippinghabits Sun, 15 Nov 2009 02:42:03 +0000 http://trueslant.com/ryansager/?p=8689#comment-1570 So, credit card users [prompted by an inflated default suggested tip percentage] are more generous than those paying with cash. Are there any other studies concerning tipping practices of discrete demographic groups? So, credit card users [prompted by an inflated default suggested tip percentage] are more generous than those paying with cash.

Are there any other studies concerning tipping practices of discrete demographic groups?

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