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When we think about labor, we usually think about motivation and payment as the same thing, but the reality is that we should probably add all kinds of things to it - meaning, creation, challenges, ownership, identity, pride, etc.

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
Usually
Ownership
Think
Creation
Add
Thinking
Challenges
Kinds
Probably
Motivation
Reality
Identity
Labor
Thing
Meaning
Kind
Pride
Payment
Things

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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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Linking financial element to energy consumption I think has a huge role if you think about a display instrument that could teach us about what we are using, how much it costs us, how much it is saving, and therefore change our decisions.
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The problem with opportunity cost is that opportunity cost is divided among many, many things.
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It was shocking to realize how many low-income Americans don't have savings accounts.
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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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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.
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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 you get a checking account, you should have a savings account, and the number for the savings account should be one off of your checking account.
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You can think about life as a battle between you and a doughnut shop. The doughnut shop wants you to eat another doughnut and pay the money, and you want to do it in the short term, but in the long term it's not good for you either financially or from a health perspective.
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Thinking is difficult and sometimes unpleasant.
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One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.
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People are irrational - and predictably so.
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