Psychology Expert Reveals Why We Make Irrational Decisions | DAN ARIELY #275

Unlock Your Potential with Jeff Lerner

Join me in this new episode of Unlock Your Potential featuring Dan Ariely, renowned professor of psychology and behavioral economics, and a founding member of The Center for Advanced Hindsight.

We start this episode by diving into the difference between standard economics and behavioral economics, explained right from our expert guest. We also explore the irrational decisions people make every day and their relevance to the world of entrepreneurship.

Halfway through, we discuss the essential ingredients for success: taking risks, trying different things, and stopping wasting time on things that don't work.

As we approach the end, Dan and I tackle a common myth surrounding entrepreneurship: the belief that a groundbreaking, never-seen-before idea is the key to success.

I hope you enjoy this episode and learn a little about why we make irrational decisions and how you can find opportunities there to make an impact in the world.

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Timestamps:

• 00:00 Introduction to Dan

• 01:45 Standard economics vs. Behavioral economics

• 06:15 Finding Life fulfillment

• 09:45 The simple questions in life

• 10:35 The last moments of our lives

• 13:50 The education system: Path of least resistance

• 17:35 The education system: command and control and experiments

• 19:10 Millionaire statistics

• 22:00 Taking on risks

• 28:25 The half a beard

• 33:35 The accident as a place to observe

• 37:20 Autonomy and meaning

• 45:20 Having Ideas

• 53:50 Where to find Dan