In tough times, economists point to a phenomenon they call ‘the lipstick effect’ — consumers cut back on big ticket items, but continue to indulge in affordable luxuries like lipstick. What purchases are you cutting back on? We open the phone lines to find out how listeners are adjusting their spending habits.
Guests:
Dan Ariely, professor of behavioral economics at MIT and the author of "Predictably Irrational: The Hidden Forces that Shape Our Decisions"
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