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Money Attitudes in Basketball

From, Tom Haberstroh’s “The predictably irrational NBA lockout” takes a look at how emotions around money come into play in basketball as seen in the NBA lockout…

Ariely interpreted this phenomenon as an example of the endowment effect, an imperfection of the human mind that causes people to believe the things they possess are worth more than they actually are. It is just one of the many human quirks that Ariely studied in his book “Predictably Irrational,” which is a captivating read for those curious about the oddities of human nature. (For example, you’ll learn why bringing a bottle of wine to a pal’s party is absolutely bonkers from a rational perspective.)
The NBA lockout fascinates Ariely. It fascinates him because it’s a high-stakes, high-profile example of irrational behavior. Most of the complaints you hear about the lockout has nothing to do with basketball or law. No, most of the exasperation comes from a lack of common sense.