...Clocky: The Runaway Alarm Clock Stephen Power 12252506 MSc Marketing Full-Time Dr. Andrew Keating Consumer Marketing MKT40680 Background In the autumn of 2004, an MIT Graduate Student named Gauri Nanda came up with an idea for an innovative alarm clock as part of an electronics project. Less than one year on, she was appearing on Good Morning America and the Today Show showcasing her innovation, which she had named Clocky. The factor that set Clocky apart from your everyday alarm clock was that, in addition to making a traditional alarm sound in the morning, it would roll itself off your nightstand and move around your bedroom at random. This would give the heaviest of sleeper cause to get out of bed, find Clocky and turn it off. However, Clocky was, according to Nanda, at least a year away from mass production when he (Clocky is masculine) was garnering all the media attention. This media attention coupled with the stage of development of Clocky has posed Nanda with a number of dilemma’s and challenges. This piece will provide solutions for Nanda’s challenges. Introduction In this piece, you will see each challenge facing Nanda broken up and dealt with on an individual basis. Firstly, Nanda faces a difficult dilemma in deciding what company should manufacture the product. This decision requires a balancing act between risk and cost. The second challenge facing Nanda is distribution and partnerships. What company should Nanda partner with to sell the product...
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...2012-2013 PAWNSHOPS AND BEHAVIORAL ECONOMICS 193 PAWNSHOPS, BEHAVIORAL ECONOMICS, AND SELF-REGULATION SUSAN PAYNE CARTER* AND PAIGE MARTA SKIBA** I. Introduction Pawnbroking is the oldest source of credit.1 There is growing public interest in day-to-day pawnbroking operations, as evidenced by the popularity of reality shows such as “Pawn Stars” and “Hardcore Pawn.”2 Television viewers’ curiosity about an old credit institution may be due to the fact that 7% of all U.S. households have used pawn credit.3 Although pawnshops predate biblical times, researchers know surprisingly little about this ancient form of banking and its customers.4 We fill this gap by documenting detailed information on pawnshop loan repayment and default, and by discussing how pawnshop borrowers’ behavior is consistent with various behavioral economics phenomena. Pawnshop loans are small, short-term, collateralized loans typically used by low-income consumers. The borrower leaves a possession, or “pledge,” as collateral in exchange for a loan, typically of $75–$100.5 Interest rates vary by state and range from 2 Assistant Professor, Office of Economic and Manpower Analysis, United States Military Academy. susan.carter@usma.edu. The views expressed in this paper do not necessarily represent those of the United States Military Academy, the United States Army, or the Department of Defense. ** Associate Professor of Law, Vanderbilt University...
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...2012-2013 PAWNSHOPS AND BEHAVIORAL ECONOMICS 193 PAWNSHOPS, BEHAVIORAL ECONOMICS, AND SELF-REGULATION SUSAN PAYNE CARTER* AND PAIGE MARTA SKIBA** I. Introduction Pawnbroking is the oldest source of credit.1 There is growing public interest in day-to-day pawnbroking operations, as evidenced by the popularity of reality shows such as “Pawn Stars” and “Hardcore Pawn.”2 Television viewers’ curiosity about an old credit institution may be due to the fact that 7% of all U.S. households have used pawn credit.3 Although pawnshops predate biblical times, researchers know surprisingly little about this ancient form of banking and its customers.4 We fill this gap by documenting detailed information on pawnshop loan repayment and default, and by discussing how pawnshop borrowers’ behavior is consistent with various behavioral economics phenomena. Pawnshop loans are small, short-term, collateralized loans typically used by low-income consumers. The borrower leaves a possession, or “pledge,” as collateral in exchange for a loan, typically of $75–$100.5 Interest rates vary by state and range from 2 Assistant Professor, Office of Economic and Manpower Analysis, United States Military Academy. susan.carter@usma.edu. The views expressed in this paper do not necessarily represent those of the United States Military Academy, the United States Army, or the Department of Defense. ** Associate Professor of Law, Vanderbilt University...
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...Electronic Devices Can Be an Educational Curse or Blessing I thought I had seen everything after watching middle school kids text-messaging during the funeral of one of my high school students. Then, our school had its first play in three years. Throughout the audience, parents' faces were aglow as they text-messaged throughout their children's performances. Mostly, I was a bear about electronic devices in class. Even during the worst of our school's gang-related violence, my students kept their cell phones out of sight and usually out of mind. Periodically, though, we would be working and I would see several students start to sneak a peak at their phones. Then we would hear shouting in classrooms and the halls and there would be a stampede of students, including mine, to a fight. I also saw the same thing in the gym. I would be playing ball with my students during my planning period and, all of a sudden, students from across the school and adults from the neighborhood would rush towards a brawl. Had our school been able to prevent abuses of the new technology, I believe, another of my former students would be alive today. On the other hand, when students needed to take a call during class, they knew I would not question their word. If a student asked to step outside to answer their phone, my response was "of course." If a kid made simple eye contact and pointed to a phone, I would just nod, and the student would handle business and then return to work. One year, I had such...
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