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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
Among
Opportunity
Problem
Many
Things
Divided
Cost
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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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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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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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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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In life we encounter many people who, in some way or another, try to tattoo our faces.
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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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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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People are irrational - and predictably so.
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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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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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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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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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