Tuesday archive: The importance of being negative

From 25th March, 2006.

The British edition of my book, The Undercover Economist, is out soon, so I won’t be able to keep my eyes off Amazon.co.uk. The function of Amazon is to allow people to buy your book, but it also provides a “sales rank” showing how many books are selling, and it collects readers’ reviews. The sales rank changes every hour and it’s a drug. The reviews, whether good, bad or crushingly indifferent, are nearly as addictive.

The Undercover Economist in me wonders why anyone would write a review and, given that people do write reviews, why anyone would pay attention to one. Writing a review takes time and effort and appears to offer no reward. At the time of writing, about one in 500 buyers of the American edition of my book had left a review. The other 499 hadn’t bothered. This is as economic theory would predict.

Continued at timharford.com.

The Undercover Economist: a guide

Publishing schedule: Excerpts from "The Undercover Economist" and "Dear Economist", Tim's weekly columns for the FT Magazine, are published on this blog on Saturday mornings.
More about Tim: Tim also writes editorials for the FT, presents Radio 4's More or Less and is the author of "The Undercover Economist" and "The Logic of Life".
Comment: To comment, please register with FT.com, which you can do for free here. Please also read our comments policy here.
Contact: Tim's contact address is: economist@ft.com
Time: UK time is shown on posts.
Follow: A link to the blog's RSS feeds is at the top of the page.
Follow on Twitter
FT blogs: See the full range of the FT's blogs here.