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We should teach the students, as well as executives, how to conduct experiments, how to examine data, and how to use these tools to make better decisions.

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
Well
Decisions
Make
Tools
Students
Decision
Examine
Teach
Executives
Use
Conduct
Better
Experiments
Wells
Data

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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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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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A very simple bad decision is to get into debt. And that is very expensive.
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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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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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I don't think we should go around life and being miserable all the time and feel the pain of paying. It's a question of what categories we want to spend more on and what categories we want feel that we are spending too much on and we want to cut down.
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It is helpful to think of people as having two fundamental motivations: the desire to see ourselves as honest, good people, and the desire to gain the benefits that come from cheating - on our taxes or on the football field.
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that when given the opportunity, many honest people will cheat.
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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 major thing that holds you back when you're trying to change a bad habit like eating, smoking, or drinking too much is your belief you are out of control.
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Giving up on our long-term goals for immediate gratification, my friends, is procrastination.
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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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We have very strong intuitions about all kinds of things — our own ability, how the economy works, how we should pay school teachers. But unless we start testing those intuitions, we’re not going to do better.
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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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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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But suppose we are nothing more than the sum of our first, naive, random behaviors. What then?
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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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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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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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