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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.

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
Environment
Decision
Bigs
Behavioral
Make
Economics
Decisions
Lessons
Function

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that when given the opportunity, many honest people will cheat.
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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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We usually think of ourselves as sitting the driver's seat, with ultimate control over the decisions we made and the direction our life takes but, alas, this perception has more to do with our desires-with how we want to view ourselves, than with reality.
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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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Disasters are usually a good time to re-examine what we've done so far, what mistakes we've made, and what improvements should come next.
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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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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.
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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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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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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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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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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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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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Money are very difficult to think about. So, we think about money as the opportunity cost of money. So, we at some point went to a Toyota dealership and we asked people, what will you not be able to do in the future if you bought this Toyota?
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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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In life we encounter many people who, in some way or another, try to tattoo our faces.
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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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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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Motivation, basically getting people to be happy at work, everybody - everybody benefits.
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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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