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But because human being tend to focus on short-term benefits and our own immediate needs, such tragedies of the commons occur frequently .

Dan Ariely

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Dan Ariely
Age: 57
Born: 1967
Born: April 29
Economist
Pedagogue
Professor
Psychologist
University Teacher
Writer
New York City
New York
Focus
Tragedies
Term
Occur
Frequently
Human
Immediate
Humans
Tragedy
Needs
Tend
Benefits
Short
Commons

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When it comes to the mental world, when we design things like health care and retirement and stock markets, we somehow forget the idea that we are limited. I think that if we understood our cognitive limitations in the same way that we understand our physical limitations … we could design a better world.
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Money is a wonderful invention. It lets us save, it lets us specialize, right? I couldn't be a professor if there wasn't any money. Every day I would have to raise chicken and bread and broccoli and go ahead and spend all my time trading. So, money is a wonderful mechanism.
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In life we encounter many people who, in some way or another, try to tattoo our faces.
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Thinking is difficult and sometimes unpleasant.
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Disasters are usually a good time to re-examine what we've done so far, what mistakes we've made, and what improvements should come next.
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We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains.
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The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.
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Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.
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When people are in severe pain, there's an expression, you're a pain person, and what that means is that nothing else matters.
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A very simple bad decision is to get into debt. And that is very expensive.
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If I gave you now, $10 as a gift, how happy would you be? Would you be happy, is the marginal $10, the best use of $10 you can use? Of course not. If I have you a CD, you know exactly what you are getting and you will have a value for it. So, money has lots of problems with it.
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I think we could get people to both be more productive and happier. We're less productive as individuals. We're less productive as companies, and we're more miserable.
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What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.
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While we somehow understand revenge on an intuitive level between individuals, I do suspect that companies, assuming that people are rational, completely miss and underestimate the motivation people have for revenge.
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We need to believe that we're good people, and we'll do just about anything to maintain that perception.
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