Why we make bad decisions | Dan Gilbert 

Mathijs g. G g Tieken

Agreed. It's too bad that many don't, but it's a good thing that they are all open to comment on RU-vid... even though RU-vid commenters aren't "great minds".

30:04 was a great example

i love that idea this would be the better decision for all media/mediums of discussion buuuuuuuuuuuuuuut.. people....

Mathijs Tieken, that would be absolutely fantastic. To have after each red talk a real life discussion where people ask questions, advice, more depth, come with real life cases and experiences!!

+andy elliott * slow clap *

No, I'm not now. Well, maybe a bit occasionally.

Good one!

U made my day

back of the net!

Tamas Egyed I thought what the rush guy said was a lot more interesting and insightful than anything dan Gilbert said actually

Which is a perfect example of "ignorance is bliss." If the people actually realized how insanely stupid it is to play because you won't win, they wouldn't get nearly as big of a rush.

That dude probably owns shares in the lottery lmao

Oh what a rush! I guessed the first 2 numbers again on one of my 100 tickets!! What are the odds of that!? lol Gambling is a waste of money. The "rush" is worthless. You can play a video game with fake money if you're not concerned about actually winning. They wouldn't pay if there was no prize for winning.

Too bad there is a dumb BMW ad. BMWs are so boring. Tesla is the only interesting luxury car maker.

😂😂😂😂

Speaking about the plague...

Lmfaooo 😂😂😂😂

People will gladly pay a dollar for hope.

You have an even better chance of drying while going elsewhere.

MaeMae II then if you survive the triip and buy yhe ticket than you've beat the odds and wining the lotto becomes more feasable when you just won the survival lotto. Its a mute point and never ending circle

feckin good odds if you are suicidal

This motivated me to go out and buy a lottery ticket

Good point. It could still be an error, but it is a learned response, as well as an evolutionary one. For early humans it was more likely that "tomorrow may never come.' For us, we may have learned not to trust. If you get that $50 now, you KNOW you've got it. If you wait, there is still uncertainty. - So it's not JUST impatience.

Exactly! It also relys on faith or trust that the offer will still be honored in a month.

Yeah, that's an incredibly bad way to gauge intelligence. The "right" answer is subjective for each individual given the context -- their current financial status or use for the money. It is a matter of significance for many -- would you prefer 5 cents now or 6 cents in 6 months? As it is an insignificant value, most people wouldn't care for either amount, let alone waiting for one. For most people, the difference of $10 is negligible, even if the difference is 20% more. Also, while many wouldn't be able to gain more than 20% interest in a month, it is wrong to assume no one can. Another reason for preferring the money sooner could be the anticipation of a "time sensitive" deal offering more than 20% savings (assuming the availability of the extra money was the catalyzing factor for the purchase). Could having an extra $50 now help you avoid a $30 late fee in some bill? In other words, the "right" answer is different for each individual case, especially as the question is phrased in a manner where the individual is expected to consider their current circumstances.

But at least in my case, I trust, I really trust and I chose $60 bucks in a month and of course un 13 months. I think it is a small amount then... but maybe if it was millions, I would change my decision.

I agree with this point. The speaker talks about the importance of context a lot during decision making and this clearly is a relevant context. Another thought, if you change the number to $5000 and $6000 respectively, I wonder whether that will make a difference.

shirish kirtiwar it’s too basic of a concept, and really long winded for a simple message

P. B Amygdala it’s a controlled question. If you throw other factors in there, then obviously it will skew

It doesn't really matter the reason. If the decision to wait a month were rational, then it wouldn't matter if that month were now or in a year from now. If the certainty of getting the money a month earlier is worth the cost, then it's worth that cost regardless of whether that month is now or later.

Well, in that case people should choose to get $50 in 12 months instead of $60 in 13 months because everything you said still holds true here as well.

Your final point "ensures that I actually get something" was my reason for choosing to go to the play after losing the ticket. If I already spent $20 on the play then I'm gonna see the play even if it's gonna cost me $40 I want to get something for the money I've already spent. If I lost one of 2 $20s then I might see the play or I might not. I haven't spent any money on it so then I've got to decide if it's worth my last $20.

I had to sit up and listening to Dan Gilbert's Bernoulli's obsession. He literally shredded marketers' strategies by a simple psychological and behavioral perspective! However, the big question tonight is: Are we that far in that we can barely see his point?

I didn't even notice the resemblance until you said it. I can't unsee it XD

He is what would happen if Walt and Mike fused into one ultimate meth dealer

Mike and Walt are antithetical. I admired the Mike character, but despised the Walt one.

5:55 Walter White's backyard? 🤔🤔🤔

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jjsiegal

jjsiegal, however good input doesn't guarantee good output, perhaps people often jump the gun and assume they have all relevant information when in fact they do not.

"We under-estimated the odds of our future pains, and over-estimated the value of our present pleasures...!"

JUST LIES

Did you stick to being “woke”? I even asked out loud, “ depends how hungry I am” for the $25 burger lol. Stick with it, much to learn.

Mike Simmons & xxNikkeh I am about to watch and listen again. I will be more focused this time and take notes!

Incredible idiot more like it

Excellent. I saw this a year ago and thought I understood it, but this was a great reminder.

I for one don't believe in good or bad but wholesome and unwholesome actions resulting in the like Karma

True

On a relationship level, it works magic. I once asked myself, why I have only three exes and already tired. The reason is: decision making. I underestimated the odds of my past by overestimating the value of my present pleasures.

I love your mom