Why they give us stuff.

Loyalty schemes are strange animals that create value out of nothing. A 'free' flight really is free to both the company that gives it and the person who receives it provided he would not have taken the flight without the incentive. An empty seat costs the same to an airline as a full one.

Once we understand the hocus pocus behind these schemes we can understand how to make them work for us.

#oxford #londongentlemanrevival #flaneur

A photo posted by Richard Ford (@richard.ford) on Sep 23, 2016 at 8:20am PDT

Stuff to buy in Oxford. 

I am presently forced to live on chocolate truffles and champagne. The truffles are good but I am not that keen on champagne- and the fact that I am not a natural drinker of champagne makes me the ideal person for a free bottle and the fact I do not take many trips by air makes me a candidate for free flights!

If I liked champagne more I would have to pay for it!

Economics is full of such ironies.