On Purpose with Jay Shetty 3 Reasons Why We Make Bad Decisions And How To Get In Control Of Our Lives
Jan 10, 2020
Explore the quirks of decision-making influenced by comparison, money, and excess choices. Learn how decision paralysis can hold us back and the importance of commitment in driving progress. Discover insights from Dan Ariely’s 'Predictably Irrational' about how context can sway our choices, often leading us away from rational decisions. Uncover why passion can outperform monetary incentives for true fulfillment. Plus, the launch of a monthly book club invites listeners to dive deeper into impactful literature together.
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The Economist's Pricing Strategy
- Jay Shetty recounts an example from Dan Ariely's book involving The Economist's subscription options.
- The peculiar pricing highlighted how relativity affects our choices, making the combined print and online subscription seem more valuable.
Lack of Internal Value Meter
- We lack an internal value meter and rely on comparisons.
- We estimate value based on relative advantage, not inherent worth.
The Decoy Effect
- Jay Shetty shares how adding a slightly less attractive option can influence choices.
- This demonstrates how relativity affects attraction, making the better option more appealing.
