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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.

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
Money
Answer
Give
Spend
Take
Amount
Right
Risk
Giving
Willing
Lend
Mean
Particular
Bank
People
Answers
Basically
Doesn
Based

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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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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.
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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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Thinking is difficult and sometimes unpleasant.
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I don't know what exactly the translation is but when we do consume something now, something else has to give at some point.
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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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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 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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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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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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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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What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.
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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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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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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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Take a brilliant, creative social scientist, without any respect for conventional wisdom and you get Ellen Langer. She is a fantastic storyteller, and Counterclockwise is a fascinating story about the unexpected ways in which our minds and bodies are connected.
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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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When parents have college savings accounts for their kids, their kids show higher social and cognitive performance.
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