How to stop being a victim of your emotions and spend money wisely.World-renowned behavioral economist, challenging the old world views of economics
- Lecture Info
- Full Bio
The Psychology of Money
The basic premise of traditional economics is that humans are rational beings and make decisions using their reason. Then behavioral economics emerged, challenging this theory. The young American scholar, Dan Ariely, says that humans are predictable, but irrational.
In his lectures, The Psychology of Money, Dan Ariely warns against our propensity to make monetary decisions with our emotions rather than with reason. Using the way we feel to make these choices leads us to think irrationally and-more often than not-leads us to the wrong decision.
So how can we spend wisely using sound reason? You can find a clue in Professor Ariely's words: humans are irrational but predictable. When they make money-related decisions, humans have made countless repeated mistakes for the past hundreds of years. These mistakes are a pattern of thoughts and actions shared by many, not just the irrational outliers. Finding out this pattern is what behavioral economists' research is centered on. Understanding this pattern decreases tendency to make irrational monetary decisions.
Professor Ariely approaches the tricky theme of money in a straightforward and fascinating way, introducing his numerous experiments and their results. In this lecture, you'll get the wisdom to live a better life with your money as you learn how to spend it better-and perhaps more rationally.
Professor of behavioral economics at MIT (1998-2008) Professor of behavioral economics at Duke University (2008~) Author of The New York Times Best Seller, Predictably Irrational (2008) Author of the Dan Ariely Column in the Wall Street Journal (2013~)
Dan Ariely is an American behavioral economist who earned a Ph.D. in cognitive psychology from the University of North Carolina at Chapel Hill and completed a second Ph.D. in marketing at Duke University. In 2008, Fortune named him one of the ‘10 new gurus you should know’ in economics.
He became widely known from his book, Predictably Irrational, in which he shed light on our psychological tendencies in our everyday life and introduced new fundamental theories of behavioral economics. This work made him a bestselling writer and earned him praise from experts and the general public alike. Since then, his resume of work expanded to include contributions to outlets such as The New York Times, The Wall Street Journal, The Washington Post, and The Boston Globe.
His research into the actions of the everyday consumer has been continuously adding to our fundamental understanding behavioral economics. He helped come up with concept of the IKEA effect in collaboration with Harvard's Michael Norton, a theory which helps us understand how one's labor leads people to overvalue their creations. And since 2013, he has been disseminating enjoyable and easy-to-understand works on behavioral economics for everyone to learn from.
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