Two of my essential questions are: What are subtle ways economists can influence people to make smarter financial decisions? and How can economists prove that behavioral economics is real? Obviously, there are subtle ways for economists and marketers to influence people to make financial decisions. The hard part is making those decisions smart.  

I was part of a group of friends that wasn’t too concerned about saving money or how much they were spending. We used to go out to lunch every day and while that was fine for a while my sophomore year budget couldn’t sustain $15 ravioli as a constant meal out. So why did I continue spending my money on lunch? Because my friends were. Then I went through a microwave lunch phase. I would bring in my own Fairway microwave-and-ready-to-eat ravioli. It tasted great but my friends didn’t like to wait the three minutes for me to heat up my lunch and then when I met them somewhere I’d often have to eat outside (bad for business when people bring in outside food). 

The lesson from this is that it is very easy for those close to you to influence your opinions and decisions but it’s harder for an impartial market to do the same.