Tag: money
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Consumer Profiling and Credit Card Data Mining
I’ve always loved reading and learning about data mining and its applications in various fields. Because of this, Charles Duhigg’s comprehensive look at the consumer profiling practices of credit card companies was my favourite read over the weekend. [Researchers] emphasized that the biggest profits didn’t come from people who always paid off their bills but rather…
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Psychology of Money
New Scientist provides a comprehensive summary of studies looking at the psychology of money. There are some fascinating findings here, including a study showing that “simply thinking about words associated with money seems to makes us more self-reliant and less inclined to help others [and] just handling cash can take the sting out of social…
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Psychology of Credit Card Minimum Instalments
New research finds that the ‘recommended minimum instalment’ suggestions on credit card statements are more influential than previously thought: Mr. Stewart presented 413 people with mock credit-card bills of £435.76 (about $650) that were identical — except that only half mentioned a minimum payment of £5.42. Participants were asked how much they would pay. Among…
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Official: Money Makes Us Happy, Happiness Makes Us Money
Newsweek ran an article last year on the link between happiness and money. Here’s an executive summary: Money will make you happier, up to a point. After that, it makes no difference. That point is the wonderfully quantitative ‘point of comfort‘. If you’re happy you’ll typically earn more than those less happy than you. If…