Sesher-nomics 101: The economics of a great night out | Bruce Wight | TEDxAberystwyth

Quick Overview

Bruce Wight defines "Sessionomics" as using economics to organize a social gathering or "sesh," detailing optimization strategies through concepts like the Optimum Beer Level (OBL) and marginal utility principles to maximize satisfaction before reaching the point of negative returns, known as the liability line.

Key Points: Sessionomics fundamentally uses economics to organize a sesh, which can include gym, gaming, chill, study, or drinking sessions. The minimum unit pricing of alcohol in Wales is graphed at 50p per unit, where pricing above the line is legal and below is illegal. The Optimum Beer Level (OBL) is defined by collaborator Jonathan Cernnac as a number between one and too many beers resulting in peak performance. Wight modifies OBL to Optimum Beverage Level (OBL) and introduces the 'get giddy coefficient' corresponding to peak performance on a graph plotting beverages consumed per hour against happiness level. The economic principle of diminishing sessionomic returns, also known as diminishing marginal utility, explains that after peak performance, every subsequent unit consumed adds less satisfaction. The point past peak performance where consumption continues and can lead to undesirable behavior (like swimming in the ocean) is termed the liability line. Preparation for peak performance involves ensuring one has eaten well, slept well, and is hydrating enough.

Context: Bruce Wight, an academic, presents "Sesher-nomics 101" at TEDxAberystwyth, framing the organization of social events, particularly drinking sessions, through an economic lens. He introduces the concept of Sessionomics, explaining that while the talk touches on alcohol, it promotes having a good time with friends generally, using economic models like utility maximization to guide social behavior.

Detailed Analysis

Wight establishes Sessionomics as the application of economics to organizing social gatherings, classifying various types of 'seshes' from gaming to drinking. He grounds the discussion in economic data by referencing the minimum unit pricing of alcohol in Wales (50p per unit) shown on a graph extending up to Polish vodka at 70% ABV. The core of the optimization theory revolves around the Optimum Beer Level (OBL), developed by Jonathan Cernnac, which represents the point of peak performance. Wight adapts this to the Optimum Beverage Level, plotting beverages consumed per hour against happiness utility, where the peak corresponds to the 'get giddy coefficient.' He applies the economic principle of diminishing marginal utility, warning that exceeding the peak performance level leads to diminishing satisfaction—this negative trajectory is mapped as the 'liability line,' which attendees must avoid. He also humorously introduces the 'Aussie OBL' and the 'shuna effect' for fun. To truly optimize a social event, preparation is key: eating well, sleeping well, and hydrating sufficiently are presented as necessary prerequisites for reaching peak session enjoyment.