If your company is like most, it promotes “boilerplate” contracts or at a minimum, pushes for standardized terms, such as the contract length, warranties, a 30-day termination of convenience clause or 90-day payment terms. While this may make your lawyer and CFO happy, Russell Korobkin suggests that using standard contract clauses is a bad idea.
Nobel laureate Richard Thaler understands the “human” side of economics. He’s a founding member of behavioral economics and most recently won the 2017 Nobel Prize in Economics Sciences.
The “invisible hand” of the market could be giving you a sharp slap more often than not, according to the Nobel laureates George A. Akerlof and Robert J. Shiller.