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It was shocking to realize how many low-income Americans don't have savings accounts.
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
Lows
Americans
Realize
Realizing
Savings
Many
Shocking
Saving
Accounts
Income
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When we think about labor, we usually think about motivation and payment as the same thing, but the reality is that we should probably add all kinds of things to it - meaning, creation, challenges, ownership, identity, pride, etc.
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Motivation, basically getting people to be happy at work, everybody - everybody benefits.
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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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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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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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Companies, however unintentionally, choke the motivation out of their employees.
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that when given the opportunity, many honest people will cheat.
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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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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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I think we could get people to both be more productive and happier. We're less productive as individuals. We're less productive as companies, and we're more miserable.
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The experiments show quite clearly that, as you resist more and more temptation, you're actually more and more likely to fail.
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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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...[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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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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We have very strong intuitions about all kinds of things — our own ability, how the economy works, how we should pay school teachers. But unless we start testing those intuitions, we’re not going to do better.
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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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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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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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Honesty is a complex and tricky thing, and we don't want to be honest all the time.
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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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