During this episode, Dan Ariely and Michael Barbera discuss the hallmark of humanity: bad financial decisions. Humans are great at messing up their financial lives. Thinking a lot about money would be fine if by thinking more about it, we were able to make better decisions. Dan and Michael’s discussion covers the pains of paying, opportunity costs, saving for retirement and many of the great (and terrible) things money will do for us.
Dan Ariely is the James B. Duke Professor of Psychology & Behavioral Economics at Duke University. He is dedicated to answering questions to help people live more sensible – if not rational – lives. His interests span a wide range of behaviors, and his sometimes unusual experiments are consistently interesting, amusing and informative, demonstrating profound ideas that fly in the face of common wisdom.
He is a founding member of the Center for Advanced Hindsight, co-creator of the film documentary (Dis)Honesty: The Truth About Lies, and a three-time New York Times bestselling author. His books include Predictably Irrational, The Honest Truth About Dishonesty, Irrationally Yours, Payoff and Dollars and Sense.