From an article in The Guardian:
An experiment conducted at Harvard and cited by Layard makes the point. Students were asked to choose between two imaginary worlds; in the first they would earn $50,000 a year while the average for everybody else would be $25,000, while in the second they would earn $100,000 against an average of $250,000. Conventional economics would suggest that any rational individual would choose the latter option since they would be twice as well off. Actually, a majority plumped for the former; they were happier to be poorer if that meant they were higher in the pecking order.
(via Momus)
Thomas points out (in person, though I encouraged him to post it) that since the relative value of the currency is what’s really important in any economic system (e.g. finding 100 yen on the street is hardly cause for celebration), the first option *is* actually the more intelligent choice. After some discussion, we decided that the experiment could benefit from the following clarification: “In both systems, a sandwich costs $3″
Also, is “plumped for” really proper British english for “chose?” Like, Is it valid to say: “Given a choice between a 8 stone woman and a 20, I’d plump for the skinny?” Just wondering… =)
that is guardian-talk. those po faced bastards