To achieve your financial goals and dreams, commitment and perseverance are both essential. Look at how tenaciously the spider works towards its dream.
Two new books use psychological and anthropological insights to enhance John Maynard Keynes’ economic theory, which has recently become less fashionable.
Biological Markets
The Bio Revolution promises to transform entire value chains, from innovative approaches for materials and chemical production to creative energy production strategies. It could have an annual direct impact of between $200 billion to $800 billion or up to 19 percent of global GDP.
Biological markets are complex interactions among traders who exchange commodities for mutual gain. They feature competition within trader classes (through contesting or outbidding), with preference given to partners who offer the highest exchange value. They also involve mutualist elements like sharing prey between trading partners, as well as offering non-monetary incentives in order to build loyalty among their traders.
As biological trading does not typically utilize self-stabilizing contracts, conventional economic theory does not always apply. Biologists have discovered that strong specialization and division of labor may act as preadaptations mechanisms that reduce competition among potential trading partners – something humans might find useful as traders themselves.
Hoarding
Hoarding refers to the compulsive act of collecting things without reason, whether because they believe they will come in handy later, have sentimental value, or represent too good of a bargain to pass up. Humans are hoarding at an alarming rate. Hoarding is associated with various illnesses including traumatic brain injuries, Tourette’s syndrome dementia ADHD generalized anxiety disorder; childhood poverty; loss of loved ones/social connections as well as financial trouble as a result of hoarding. Hoarding can lead to lack of living space resulting in financial trouble as well as potential fire and health hazards posed by hoarded objects accumulating for future use – humans have hoarded their fair share!
Wealth Transfers
Nature offers valuable financial lessons about resource management. All things in nature are interdependent, impacting each other; similarly in business; for more profit it is necessary to use resources efficiently if we want more profits; ways include turning off lights when not needed, using reusable water bottles and paper instead of throwaway paper products, not leaving taps running, etc.
Baby boomers are set to inherit record levels of wealth in what’s being called the greatest generational transfer ever seen, making this bankers’ golden opportunity. If they wish to tap into it however, banks must prepare a comprehensive relationship strategy as well as data insights into cost-cutting and revenue generating opportunities offered by biodiversity that could make their businesses and communities stronger – this online toolkit helps bridge those gaps.
Price Sensitivity
Price sensitivity refers to how willing or unwilling consumers are to pay for goods and services they desire, such as handbags. Consumer preferences often differ between products; some consumers might pay more than expected for high-end handbags while others will settle for an affordable model.
Price sensitivity can be affected by several factors, including cost sharing, ease of comparison and perceived substitutes. For instance, buyers sharing registration fees at conventions may be less sensitive to those costs than if paying separately for them themselves.
Consumers tend to be less price-sensitive when they perceive an item or service to be limited or exclusive in quantity; StockX sells limited-edition Nike sneakers at a premium over their retail price; this pricing strategy directly correlates to consumers’ willingness to pay, making it a critical aspect for businesses when setting prices.
