1 00:00:00,012 --> 00:00:03,927 Hi, my name's Don Ariely. I'm the James B Duke, Professor of 2 00:00:03,927 --> 00:00:07,709 Psychology and Behavioral Economics at Duke University. 3 00:00:07,709 --> 00:00:11,138 I hope you're as impressed with the title as my mother. 4 00:00:11,138 --> 00:00:16,009 You might be wondering why somebody with my accent, which is an Israeli accent, is 5 00:00:16,009 --> 00:00:20,066 wearing an Indian shirt. I'll tell you my philosophy about dress. 6 00:00:20,066 --> 00:00:23,409 I think that people dress in a very, very uncomfortable way. 7 00:00:23,410 --> 00:00:27,017 I hate suits, I hate ties. And every time I come to speak, people 8 00:00:27,017 --> 00:00:30,528 expect some formal wear, which is incredibly uncomfortable. 9 00:00:30,529 --> 00:00:35,032 So I figure that if I wear some clothing from a different culture, nobody who is 10 00:00:35,032 --> 00:00:39,792 politically correct, and almost everybody I meet is politically correct, can ever 11 00:00:39,792 --> 00:00:42,764 say something. So I be, I can be both comfortable, both 12 00:00:42,764 --> 00:00:46,471 comfortable and nobody would be upset with me, and that's my strategy. 13 00:00:46,471 --> 00:00:51,192 Throughout this term, semester, few weeks that we're going to hang out together 14 00:00:51,192 --> 00:00:56,117 we're going to cover all kinds of topics. We're going to think about irrationality 15 00:00:56,117 --> 00:00:59,766 in a general sense, like as an introduction to irrationality. 16 00:00:59,766 --> 00:01:03,993 As if any of you need understanding of irrationality, but we'll go into some 17 00:01:03,993 --> 00:01:08,616 depth into exactly what irrationality is, what are some of the more common ones and 18 00:01:08,616 --> 00:01:12,589 how do we try to overcome them. We'll talk about the psychology of money. 19 00:01:12,589 --> 00:01:16,438 Money's everywhere around us, nevertheless, when you think about it, we 20 00:01:16,438 --> 00:01:20,440 don't truly understand how money works. And in this lecture, we will try to 21 00:01:20,440 --> 00:01:24,856 understand the psychological effects of money and how different ways of thinking 22 00:01:24,856 --> 00:01:28,712 about money, getting us to think differently and spend differently. 23 00:01:28,713 --> 00:01:33,960 We'll also talk about dishonesty. We'll talk about what we think dishonesty 24 00:01:33,960 --> 00:01:38,901 is driven by, and what it's actually driven by, and what can we do to try and 25 00:01:38,901 --> 00:01:43,074 decrease dishonesty. We'll also talk about motivation and 26 00:01:43,074 --> 00:01:48,105 labor, what gets people to care and not care what are all the things. 27 00:01:48,106 --> 00:01:51,874 That gets people to care, and what is the role of money in this caring. 28 00:01:51,874 --> 00:01:56,022 How bonuses work and how small amounts of money work to change people's behaviors 29 00:01:56,022 --> 00:01:58,849 and motivations. We'll also talk about self-control. 30 00:01:58,849 --> 00:02:02,223 Self-control is this idea that we want to behave in a certain way. 31 00:02:02,223 --> 00:02:06,321 In the long term, we have all kinds of wishes and aspirations for ourselves, but 32 00:02:06,321 --> 00:02:08,971 when the time comes, we often fail for temptation. 33 00:02:08,971 --> 00:02:12,959 Why does it happen? How can we deal with it? 34 00:02:12,959 --> 00:02:17,263 And finally, we'll talk about emotions. We have to admit that we are emotional 35 00:02:17,263 --> 00:02:19,950 creatures. Emotion is the base of our brain, it 36 00:02:19,950 --> 00:02:23,902 controls much of our behaviors. Nevertheless we don't give it enough 37 00:02:23,902 --> 00:02:27,371 credit very frequently. And in this lecture we will try to 38 00:02:27,371 --> 00:02:32,364 understand how emotions work on us. When they get the best of us, and when we 39 00:02:32,364 --> 00:02:36,683 would be better without them. And that's basically what we're going to 40 00:02:36,683 --> 00:02:40,046 do in this class. We're going to try and figure out what is 41 00:02:40,046 --> 00:02:44,665 driving those strange behaviors. How common they are, where they come from, 42 00:02:44,665 --> 00:02:48,131 what causes them. And also, how to control them and how to 43 00:02:48,131 --> 00:02:52,897 try to eliminate them. I hope you'll join me, and I think it will 44 00:02:52,897 --> 00:02:53,493 be fun.