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

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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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We need to believe that we're good people, and we'll do just about anything to maintain that perception.
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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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...[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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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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Companies, however unintentionally, choke the motivation out of their employees.
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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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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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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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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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that when given the opportunity, many honest people will cheat.
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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 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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The problem with opportunity cost is that opportunity cost is divided among many, many things.
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Giving up on our long-term goals for immediate gratification, my friends, is procrastination.
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Motivation, basically getting people to be happy at work, everybody - everybody benefits.
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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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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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