Economic Progress

This well-known economist asked people to flip a coin on important life decisions

A pile of one pound coins is seen, in central London June 17, 2008. British inflation rose in May to its highest since the Labour government took power in 1997, but expectations of higher interest rates ahead fell sharply because the Bank of England said the rate outlook was uncertain.

The deal was this: Everyone promised to obey whatever the coin told them to do. Image: REUTERS/Toby Melvill

Jeff Guo
Reporter, The Washington Post
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Economic Progress

 Percentage following the coin toss, two-month survey
Image: Levitt
 Likelihood of taking action as a function of ex ante stated probabilities, six-month survey
Image: Levitt
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