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By Noah Smith
Suppose you’re on a trip overseas and you need to buy a shirt, but you don’t know any of the brands. You see two shirts in a store that both look pretty good, but one costs twice as much as the other. You might assume that the more expensive shirt somehow is superior — that it’s better made or that the locals will see it as more stylish. You might decide it’s worth the price and spend the extra money.
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