Tags:: Principles: Contenders public
This seems simple but is often overlooked. Awareness of this is important.
This is one of the basic Principles of economics and game theory
The incentive structures will drive behaviour and action of others. So try to align them with your own. Or at least be aware of what other entities incentives truly are.
Examples:
"Comparison" websites.
They'll only show compare companies which pay a commission.
Review sites
Real estate agents who will sugest you take a lower offer on your house.
They recieve a comission on the sale - but are more incentiviesed to be closing deals than holding out for the best price. So will encourage a seller to take an offer when they may be able to hold out for a better one.
Mortgage brokers in Australia was a recent case - most people thoughtthe mortgage broker was on their side. people though tthey were recieving impoartial advice, however different banks were paying kick backs to mortgage brokers for referrals. Which lead to those brokers referring far more to those who paid them well.