The Pain of Payment: Why Going Cashless Quietly Doubles What You'll Spend
In 2001, two MIT researchers ran an auction for Boston Celtics and Red Sox tickets. Credit card bidders bid roughly double what cash bidders bid for the same tickets. A behavioral economics deep dive into Prelec & Loewenstein's 'pain of payment' framework, why casinos use chips, why Disney's MagicBand changed per-guest revenue, and the apex application: the auto-renewing subscription that decouples consumption from cost entirely.