How To Understand Psychological Incentives - Uri Gneezy - #609

Modern Wisdom

04/01/23

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74m

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Uri Gneezy is a behavioural economist, a professor at the University of California and an author who's research focuses on human incentives.

Incentives encourage humans to do things. But they're not as straight forward as you might think. They often have unintended and disastrous consequences for our personal lives, businesses and societies. Basically, a bad incentive is worse than no incentive at all.

Expect to learn why paying citizens 10p for a rat tail is a bad idea, how fining parents for taking their kids on holiday results in more kids missing school, why the Toyota Prius won because of its strange design, how reframing discounts can rapidly change behaviour, why Peloton's sales went up when they increased the price, why Coke machines have an outdoors thermometer on them and much more...

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Timestamps:

(00:00) Intro (00:25) Explaining Incentives (03:55) Social Dynamics of Signalling (12:15) The Problem with Mixed Signals (17:34) Uber’s Driver Incentive Program (21:02) The Right Way to Encourage Innovation & Punish Failure (28:06) How Peloton Sold More With a Higher Price (32:50) The Mixed Signal of Long-Term Goals & Short-Term Results (38:31) How Incentives Are Helping Prevent Female Genital Mutilation (46:24) Why Fines Are So Bad at Incentivising Behaviour (52:41) How an LA Car Company Used Incentives to Drive Sales (1:02:18) Using Incentives to Find Problems (1:08:14) What Most People Get Wrong About Negotiation (1:13:30) Where to Find Uri

Extra Stuff:

Buy Mixed Signals - https://amzn.to/40pQ4Tj

Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/

To support me on Patreon (thank you): https://www.patreon.com/modernwisdom

Episodes You Might Enjoy:

This Is How To Master Your Life - David Goggins - #577: ⁠⁠⁠lnkfi.re/SN-Goggins⁠⁠⁠

How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: ⁠⁠⁠lnkfi.re/SN-Peterson⁠⁠⁠

The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: ⁠⁠⁠lnkfi.re/SN-Huberman⁠⁠

Get in touch.

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Previous Episode

How Does The Human Mind Work? - Paul Bloom - #608

March 30, 2023

•

88m

Paul Bloom is Professor of Psychology at the University of Toronto, Professor Emeritus of Psychology at Yale University and an author.

The human mind is a mystery. If it wasn't for the fact that we experience it, the universe would give us absolutely no indication that consciousness existed. After an entire career studying psychology, Professor Bloom has some answers to the psychology questions we've all asked ourselves.

Expect to learn whether you actually remember everything that you've ever experienced, whether we know why consciousness evolved at all, why we should remember Sigmund Freud, why babies are way smarter than you think, whether attachment theory is rubbish, if psychology can tell us how to live a good life and much more...

Timestamps:

(00:00) Intro (00:25) What Do We Know About Human Consciousness? (07:42) The Usefulness of the Human Memory System (15:47) Does Our Tribal Nature Make Us Racist? (21:22) How to Improve Attention (25:57) Should Freud Be Taken Seriously in 2023? (35:51) How to Find a Balance Between Thoughts & Body (39:00) Why Behaviourism Theory Has Become So Unpopular (47:26) How Much Do Babies & Dogs Actually Know? (51:56) Relationship Between Language & Thought (57:10) Biggest Differences Between Male & Female Psychology (1:02:34) Is Attachment Theory Nonsense? (1:12:55) The Need to Reform Education Around Heritability (1:19:37) Can Psychology Help Us Understand How to Live a Good Life? (1:25:35) What Will Psychology Unravel Next? (1:27:42) Where to Find Paul

Extra Stuff:

Buy Psych - https://amzn.to/42JQ4PZ

Follow Paul on Twitter - https://twitter.com/paulbloomatyale

Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/

To support me on Patreon (thank you): https://www.patreon.com/modernwisdom

Episodes You Might Enjoy:

This Is How To Master Your Life - David Goggins - #577: ⁠⁠⁠lnkfi.re/SN-Goggins⁠⁠⁠

How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: ⁠⁠⁠lnkfi.re/SN-Peterson⁠⁠⁠

The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: ⁠⁠⁠lnkfi.re/SN-Huberman⁠⁠

Get in touch.

Instagram: https://www.instagram.com/chriswillx

Twitter: https://www.twitter.com/chriswillx

YouTube: https://www.youtube.com/modernwisdompodcast

Email: https://chriswillx.com/contact/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Next Episode

19 Harsh Truths About Human Nature - Alex Hormozi - #610

April 3, 2023

•

106m

Alex Hormozi is a founder, investor and an author.

Alex's Twitter has been one of my favourite sources of great insights over the last year. Today we get to go through some of my favourite lessons from him about life, human behaviour, psychology, business and resilience. This is really good.

Expect to learn how your ego is keeping you poor, why you never need to care about what anyone else thinks of you, why having a life that sucks is actually a blessing, whether most easy opportunities are just distractions, how to conquer your tiny impulses, why you are built to deal with things being hard, how to beat anyone who ever copies you and much more...

Timestamps:

(00:00) Intro (00:50) The Advantage of Having Something to Lose (13:23) Changing Your Environment to Improve Your Life (19:07) Distractions Come Dressed as Easy Opportunities (30:33) Regretting the Opportunities Not Taken (34:30) Find Motivation in Difficulty (51:53) How to Take the First Steps to Success (57:50) How Alex Overcame a Difficult Upbringing (1:02:11) Balancing Success & Feeling Content (1:17:10) Finding What to Optimise For (1:22:29) Don’t Underestimate Your Opponent (1:27:33) More People Stay Poor From Their Ego than Get Rich Off Them (1:36:55) The Next Trends in Social Media (1:44:32) What’s Next for Alex

Extra Stuff:

Follow Alex on Twitter - https://twitter.com/AlexHormozi

Follow Alex on Instagram - https://www.instagram.com/hormozi/

Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/

To support me on Patreon (thank you): https://www.patreon.com/modernwisdom

Episodes You Might Enjoy:

This Is How To Master Your Life - David Goggins - #577: ⁠⁠⁠lnkfi.re/SN-Goggins⁠⁠⁠

How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: ⁠⁠⁠lnkfi.re/SN-Peterson⁠⁠⁠

The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: ⁠⁠⁠lnkfi.re/SN-Huberman⁠⁠

Get in touch.

Instagram: https://www.instagram.com/chriswillx

Twitter: https://www.twitter.com/chriswillx