Synopsis: The field of economics can study more than the workings of economies or businesses, it can also help explore human behavior in how it reacts to incentives. Economist Steven D. Levitt and journalist Stephen J. Dubner host an anthology of documentaries that examines how people react to opportunities to gain, wittingly or otherwise. The subjects include the possible role a person's name has for their success in life, why there is so much cheating in an honor bound sport like sumo wrestling, what helped reduce crime in the USA in the 1990s onward and we follow an school experiment to see if cash prizes can encourage struggling students to improve academically.
Genre: Documentary
Rotten Tomatoes:
85 min

-= Subtitle Created By TreeHH QQ1744114159 =-

So I wanna sell my home

and I put on the market for 300,000 dollars

It's a lovely home you have

I'm the agent

Alright so let me start over, that was my ... i'm sorry

Alright I wanna sell my home

I put on the market for 300,000 dollars

I get an offer today for $290k

The question is if I wait a week

and get the offer for the full $300k

Would I rather wait that week and get the full price?

Or take the offer today for $290k

Ah you want to take it now

I'll be the real estate agent

I'm telling you want to take it right now because

because a bird in the hand is worth two in the bush...

The market is starting to really soften up

with these things you just can never tell

If you get a good offer, I really think it's the right thing to take it

And I'm not speaking out of self-interest cuz I'm the real estate agent

and our interests are aligned

cuz I'm getting a commission out of your sales

I want you to get as much as you can for this house

I really do

When you think about the incentives

that the current contract set up

between the home seller and the agent

representing them, they are not well alligned

But can you ever prove that?

Interestingly, if you look at the sales data on real estate agent own homes

It's not their client's home when they sell their own homes

They get more money than they sell the same home for their client

Now why would that be?

What we find in the data is that agent hold out for better price

and leave their own homes on the market for longer

an average for 10 days longer

But when it comes to your house

The agent has the incentive to sell right away

Why? Cuz sometimes that $10k into his or her pocket

-Only $150 -I only get $150

Because if you take that $10k that goes to him

Half goes to the buyer's real estate agent

So I get half of that six percent

But then I have to kick back half of that to my agency

So I only get one and a half percents

So really, in order for me to help him gets the extra $10k

I personally only gets $150

But I have to work for an extra week

I have to buy all the marketing

I could be off to another client trying to get another

whole commission on another house

So I have a strong incentive to say to him this is a great offer

It's the best offer you can get

I really think you should take it

So no matter what the real estate agency says

I would rather wait a week

and pick up the extra $10k

The agent wouldn't

It's not that real estate agents are bad

It's just that they're human beings and human beings repsond to incentives

If there's only one element

that I say is that almost everything we do

is the idea that incentives matter

and if you can figure out what people's incentives are

you have a good chance to guessing how they're gonna pay it

New prents look at successful families and successful parents

and they just want to copy them and so they try to do the things

they think that they did to get their families so smart

and good and whatever

which is really just a ... can be a bad mistake of correlation cuase isolagi

You're gonna take your kid to ... you know ... every mommy and me music class

and you gonna take him to the museum

and start looking at all the dreaken roman sculptures

you probably already playing mozart in the worm to get the brain really stimulated

and it turns out; that the best that we can tell

from looking at data of actual parents and children along these dimensions

that that stuffs don't really matters

that it just dones't make your child...better

so it might make you happier, might even

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Peter Bull

Peter Cecil Bull, (21 March 1912 – 20 May 1984) was a British character actor who appeared in supporting roles in such film classics as The African Queen, Tom Jones and Dr. Strangelove. more…

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Submitted on August 05, 2018

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    "Freakonomics" STANDS4 LLC, 2020. Web. 21 Oct. 2020. <>.

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