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It is very difficult to make really big, important, life-changing decisions because we are all susceptible to a formidable array of decision biases. There are more of them than we realize, and they come to visit us more often than we like to admit.

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
Often
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Changing
Important
Decisions
Really
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Biases
Make
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The real issue is, how much goodwill do you invest in the work? And goodwill is not something that we can buy with money. It's very hard to buy goodwill with money.
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The people that lend you money basically give you an answer based on the risk that they are willing to take. But just because a bank is willing to take a particular risk doesn't mean that that is the right amount for me to spend.
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Once you break the social norm and create a new social norm, all of a sudden it can stay with us for a long time.
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The problem is that people basically dangle debt in front of us. And the cost for the poor of course is much higher than for the wealthy.
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When we save, everybody in the household is just suffering. By having the coin in a visible way, when you scratch, you can say the person that is in charge of the making money for the family is doing the right thing.
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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 .
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Not all debt is bad. From time to time we should get into debt when there's a good reason for that.
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The experiments show quite clearly that, as you resist more and more temptation, you're actually more and more likely to fail.
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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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Giving up on our long-term goals for immediate gratification, my friends, is procrastination.
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Money are very difficult to think about. So, we think about money as the opportunity cost of money. So, we at some point went to a Toyota dealership and we asked people, what will you not be able to do in the future if you bought this Toyota?
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People are irrational - and predictably so.
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Rainy day savings are incredibly important, because from time to time, bad things happen. And if you're not prepared for that, it's going to be really terrible.
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A very simple bad decision is to get into debt. And that is very expensive.
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The things that motivate us are to help other people, to feel that we're useful, to feel that we're getting better, to feel that we are kind of living to our potential, to get a sense of meaning. All of those things are positive.
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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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The most difficult thing is to recognize that sometimes we too are blinded by our own incentives. Because we don’t see how our conflicts of interest work on us.
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People are willing to work free, and they are willing to work for a reasonable wage but offer them just a small payment and they will walk away.
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...[D]ivision of labor, in my mind, is one of the dangers of work-based technology. Modern IT infrastructure allows us to break projects into very small, discrete parts and assign each person to do only one of the many parts. In so doing, companies run the risk of taking away employees' sense of the big picture, purpose, and sense of completion.
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