Dan Ariely
Dan Ariely
Dan Arielyis the James B. Duke Professor of Psychology and Behavioral Economics. He teaches at Duke University and is the founder of The Center for Advanced Hindsight and also the co-founder of BEworks. Ariely's talks on TED have been watched over 7.8 million times. He is the author of Predictably Irrational and The Upside of Irrationality, both of which became New York Times best sellers, as well as The Honest Truth about Dishonesty...
NationalityIsraeli
ProfessionEconomist
Date of Birth29 April 1967
CountryIsrael
opportunity thinking people
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?
opportunity thinking people
Money is 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? Now, you would expect people to have an answer. But people were kind of shocked by the question. They never thought about it before. So, the most we got was people said, "Well, if I can't buy this Toyota, if I buy this Toyota, I can't buy a Honda." What is this thing? What is this value of price? Very hard to think about it.
opportunity people honest
that when given the opportunity, many honest people will cheat.
opportunity cost problem
The problem with opportunity cost is that opportunity cost is divided among many, many things.
opportunity cost opportunity-cost
Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.
believe slippery-slope persons
Believing you are a bad person leads to a slippery slope.
decision financial
None of us always make the best financial decisions.
suffering coins way
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.
saving environment our-environment
What reminds you in your environment about saving? Nothing.
rainy-day important saving
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.
mean people giving
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.
memorable winter thinking
Do you know how much money you would save if you changed your light bulb to compact florescent light bubs? How much would you save if you decreased your temperature of your house in the winter by one degree, or increase it by one degree? We just don't know these numbers, but I think displays could make it a memorable change in terms of attention, and also help us translate it in terms of concrete ways on what you can get.
zero thinking people
If you have loans, the first thing you want to do is say, "Okay, look I have a credit card, if I really need to borrow, I have this emergency money that I can get, but for now there is no reason for me to keep cash at zero percent interest rate and at the same time, pay all of this money out. So, I think people need to figure out quickly how to pay loans and how much cash they should really keep.
mistake people trying
Imagine you have six loans, small to huge. People want to close loans and because of that, they try to pay off the small loans, but that's not the right strategy. The right strategy, of course, is to pay the loan with the highest interest rate. People make this mistake and it costs them lots and lots of money, it's a very expensive mistake because interest rates accumulate and become very, very expensive very quickly.