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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.

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
Making
Behavior
Brains
Senseless
Make
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Theory
Assuming
Assumes
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Rational
Systematic
Economic
Basic
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Less
Neither
Types
Wiring

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The problem with opportunity cost is that opportunity cost is divided among many, many things.
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What kind of people would be able to rationalize better than other people? Better storytellers, right? Creative people, right? Because if you're creative, you find more ways to cheat and still yourself a story about why this is okay.
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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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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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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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For all of us, it's very hard to think about money, and because of that, we need help. In the same way that for all of us, it is hard to eat well, and we need some help. The poor have a particular challenge, which is that their life is actually much more complex - and they're much more complex cognitively.
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People are irrational - and predictably so.
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When you're in pain, tomorrow doesn't exist - just the pain - and the only thing that you want in the world is for it to go away.
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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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