Great Marketing: Honest Tea Tests Wall Street's Honesty

http://www.huffingtonpost.com/2010/04/28/honest-tea-tests-wall-str_n_555069.html

by jfi • 16 years ago

24 14 16 years ago

What I've learned by watching this video: To keep Wall St bankers honest you need to keep cameras on them, and even then they're only 89% honest.

thisduck• 16 years ago

Yes, hardly scienteafic.

j-g-faustus2• 16 years ago

A few years back a company in Scandinavia tried to sell candy bars at workplaces by leaving a tray of candy bars and a jar for the money.

They found that it worked well at low-income workplaces (90-95% honesty) but poorly at high-income workplaces (20-30% honesty).

It appears that at least by some metrics, honesty is inversely proportional to income.

xxzz• 16 years ago

Maybe the high-income earners assumed that it was free?

j-g-faustus2• 16 years ago

Don't think so, it was clearly marked with price list and everything.

I imagine it's more along the lines of "I'll pay them all by the end of the week/month", and then they forgot about it. Or perhaps sales grabbed a bunch to hand out to potential customers, assuming that the company would reimburse any losses.

Either way I don't think the high-income earners were deliberately cheating more than average.

But I think it is a point that the price of a candy bar looks like smaller and smaller change the more you earn, perhaps to the point were it seems irrelevant.

ivenkys• 16 years ago

There was a story similar to this on Freakonomics and they had the same result - "Honesty is inversely proportional to income".

kareemm• 16 years ago

It was about a bagel-schlepper:

http://www.nytimes.com/2004/06/06/magazine/what-the-bagel-ma...

pw0ncakes• 16 years ago

And lawyers were the most dishonest.

Given the culture of New York biglaw, I'm not surprised. It's an awful work environment-- the ills of banking, without the upside-- and pretty much everyone is miserable.

joblessjunkie• 16 years ago

This might not be a test of "honesty", but simply a test of the relative value of money.

The price of a candy bar is more significant to a low-income worker than it is to a high-income worker, and thus the weight on the conscience when "stealing" one necessarily has different impact.

If something doesn't seem valuable, it feels "less wrong" to take it.

If the items placed in the high-income workplaces had proportionately higher value, would the "honesty" increase?

patio11• 16 years ago

I think this is less an honesty thing and more a usability thing. People are as hidebound and pattern driven in real life as they are on their computers, right? When you're poor, people don't give you free food. When you're rich, you get free food all the time.

If you're a Wall Street banker, you could probably never pay for a meal in a week without even trying to. It is always "Thanks for coming to our conference: lunch is being served, just walk over to a table", "Don't worry Bob, the firm has got this dinner.", "Before our meeting, please help yourself to coffee and snacks.", etc etc. Social food freebies extend pretty far down into the upper middle class, too: if I walk into any glasses shop in town and ask them to rebend my frames for me, they'll bring me a coffee and cookies so I don't get bored while waiting for my free repair to complete.

So when you see a basket of donuts at the office, you assume it is like every other basket: free. The jar next to it with the sign you didn't read because no one reads anything? Tip jar, obviously, like it was the last 42 times.

gojomo• 16 years ago

High-income earners may also be less likely to have exact change, and think: "if they really wanted my money they'd have left enough small bills to make change".

But also: if the final tally was done only by the total at the end of the day, the test may be measuring a late steal, rather than a lower rate of payment. And the one person who stole might be of any background -- perhaps compulsive, perhaps struggling-to-get-by but 'passing' as a high-income worker, etc. -- and not representative.

guelo• 16 years ago

The high earners have learned that honesty is for suckers, you have to step over a lot of people to make it to the top. and the easiest path is to be an A-grade sneaky backstabbing asshole. (see Bill Gates, the Zynga guy, Goldman Sachs)

jquery• 16 years ago

To me, this just illustrates the old maxim a fool and their money are soon parted. In that sense it is more a measure of monetary altruism than honesty. No surprise that people who value money more than others--Wall Street Bankers--are less altruistic with it.

kingsley_20• 16 years ago

I'd love to see someone try to sell cars this way in both, a high income as well as a low income context. Honesty may not be the absolute value we/i'd like to think it is.

Great Marketing: Honest Tea Tests Wall Street's Honesty

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