Emotional Link LLC has released an interview article with Professor Dan Ariely, Duke University, on “Wiser Spending Habits”. The article, which is available on the Emotional Link LLC website, specifically targeting business professionals and students aspiring entrepreneurs interested in marketing, delves into people’s spending tendencies and encourages wise spending habits based on them.
For humans, it may be difficult to make rational decisions when spending money. As it’s factors, Mr. Ariely lists six elements: “emotions,” “relativity,” “pain of paying,” “mental accounting,” “magic of free,” and “expectations.” He states that there is currently no way for humans to become perfectly rational.
However, Dr. Ariely argues that humans do not need to aim for perfectly rational behavior. For example, while buying flowers for a lover or donating to charity are irrational, these are actions aimed at seeking connections and joy with others. Dr. Ariely concludes that it is important to consider what brings joy to yourself and make decisions about how to spend money.
This interview article will provide insights into marketing for business leaders and aspiring entrepreneurs, while also offering valuable insights for everyone to reconsider their spending behavior.
Dan Ariely is a professor of Psychology & Behavioral Economics at Duke University. 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 Upside of Irrationality, The Honest Truth About Dishonesty, Irrationally Yours, Payoff, Dollars and Sense and Amazing Decisions. His latest book Misbelief was published in September 2023.
The interview article is available here:
A better understanding of human nature leads to wiser spending habits
