We all have strange rules about what we will and won’t splash out on. Blame the way we were brought up – and our fear of death
Before the financial crash, people used to explain behavioural economics with the example of the rich man mowing his lawn. “Why are you doing that boring task when you’re so minted?” the hypothetical economist would ask him. “Because it costs £10 to get your lawn mowed.” “OK. If I give you a tenner, will you mow my lawn?” “Of course not.” Money, far from being a fixed, fungible quantity, changes value depending on how you feel about what you’re spending it on.
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