All posts on February, 2017


Mobile Tech

Nokia 3310 Pushes Nostalgia Buttons

HMD Global, owner of the Nokia phone brand, on Sunday reintroduced the classic 3310 feature phone at the MWC, along with a line of brand new Nokia smartphones that run on the Android platform. The relaunch of the 3310 is the reimagination of one of the world’s best-selling feature phones as a sleek, lightweight device that features 22 hours of talk time and an entire month of standby time.

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ApprovedBusinessBusiness and finance

Taxi drivers overcharge when passengers are on expenses

MORAL hazard is a problem that crops up frequently in economics. People behave differently if they do not face the full costs or risks of their actions: deposit insurance makes customers less careful about choosing their banks, for example.

Moral hazard can also be second-hand. Take medicine. A patient with private insurance may be happy to sit through extra tests, and a doctor may be happy to order them. Doctors might be more reluctant to order tests if they know that the patient would bear the full cost.

A newly published paper* sets out to test this secondary problem by examining a common-enough situation—taking a taxi ride in a strange city. The authors, a trio of academics at the University of Innsbruck, sent researchers on 400 taxi rides, covering 11 different routes, in Athens, Greece. In all cases, the researchers indicated they were not familiar with the city. But in half the cases, the researchers indicated that their employers would be reimbursing them for the journey. The researchers in the latter group were 17% more likely to be overcharged for their trip and paid a fare that was, on average, 7% higher.

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