Author Archives: Max Coleman

Identifying the Gullible: Why are there so many Nigerian princes out there?

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The other day, I received a phone call from a number with my area code. I answered and then the conversation went like this: Caller: Hi… Me: Hello…hello? Caller: …Oh sorry…I was having problems with my headset… Me:[Realizing this is a recording] Oh alright then… Caller: I’m calling to let you know you’ve won… And that’s when I hung up. If you have a cell phone, you’ve probably received a phone call like this and wondered, how do scams like these still happen? Does anybody actually give their information? Then I wondered how schemes like this can even be profitable. After Continue reading Identifying the Gullible: Why are there so many Nigerian princes out there?→

SUB(stituting)?

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If you’ve spent any time at UPS, you’ve probably thought at some point, “Is there actually going to be anything good at the SUB today, or should I go off-campus?” While the connection between economics and going to the SUB may not be clear, just remember that economics is the study of how people make choices. I’m currently taking an Economics of Online Dating class (Econ 341), which has a large focus in economic model building. A couple weeks ago, we were asked to create a model of decision-making under risk. Risk is defined as a situation in which all possible outcomes and Continue reading SUB(stituting)?→

Sound Economics Book Club: Scarcity

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Over the course of this semester, the Sound Economics class will be reading a book called Scarcity: Why Having Too Little Means So Much by Sendhil Mullainathan and Eldar Shafir. As we read, we will take turns updating you, our readers, on the general themes of the book, along with the specific themes of each chapter. I was given the opportunity to provide the initial overview, and introduce the introduction. The introduction begins with some anecdotes from the authors about personal experiences with scarcity, and examples of scarcity: a person who recently lost their job, a busy professional, or the extreme Continue reading Sound Economics Book Club: Scarcity→

“City Folks Just Don’t Get It”: Farmersonly.com

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In 2005, a new niche dating site sprung up. Founded by Jerry Miller, an agricultural marketing specialist, Farmersonly.com grew from 2,000 to 2 million members in the first five years. Farmers Only joined the ranks of other niche dating sites like: Seekingarrangement.com, which links sugar daddies or mommas with sugar babies; theatlasphere.com, for lovers of Ayn Rand’s works; and cupidtino.com, for people who love Apple products. These niche dating sites are examples of thin or narrow markets, where the number of buyers and sellers are limited. While there are some incongruities between dating and other markets, mainly that the dater is simultaneously a “seller” and “buyer,” the concept Continue reading “City Folks Just Don’t Get It”: Farmersonly.com→