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The problem with opportunity cost is that opportunity cost is divided among many, many things.

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
Problem
Many
Things
Divided
Cost
Among
Opportunity

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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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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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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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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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Honesty is a complex and tricky thing, and we don't want to be honest all the time.
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For all of us, it's very hard to think about money, and because of that, we need help. In the same way that for all of us, it is hard to eat well, and we need some help. The poor have a particular challenge, which is that their life is actually much more complex - and they're much more complex cognitively.
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Motivation, basically getting people to be happy at work, everybody - everybody benefits.
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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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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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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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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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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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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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...[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 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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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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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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People are willing to work free, and they are willing to work for a reasonable wage but offer them just a small payment and they will walk away.
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Rainy day savings are incredibly important, because from time to time, bad things happen. And if you're not prepared for that, it's going to be really terrible.
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