Ray is a behavioral economist with a knack for explaining economics in ways that relate to our everyday existence. In his new book, The Inner Lives of Markets: How People Shape Them—And They Shape Us, Ray and co-author Tim Sullivan break down Nobel Prize-winning research and theories into concepts that entrepreneurs and business people can apply.

Ray and I discuss his previous work with eBay, which illustrates how firms convey their trustworthiness to buyers and why bad firms won't copy these tactics. Ray shares a couple of the techniques that firms use to convey their strength to competitors and customers alike.

You can find show notes and more information by clicking here: http://bit.ly/2bY9xHC