Dan ArielyOpen Access

Dan Ariely

at Duke University

Brilliant academic, engaging speaker and champion of creativity with behavioural research. Dan's involved in many businesses built from the ground up with its findings, such as Shapa [SHAY-pa], Qapital and Lemonade.

What Dan Ariely [Ah-REE-eh-lee] has found out so far...

The study

Setup

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Results

Results

Study graph
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What Dan Ariely [Ah-REE-eh-lee] has found out so far...

• We overvalue things that are free (2007)
His famous chocolate experiment revealed that, due to our Zero Price Bias, we place far greater value on things that are free over something very cheap.

• We value things more that we’ve helped make (2012)
Dan discovered the famous IKEA Effect, which tells us that when we’ve invested energy into helping make something, we feel a stronger attachment to it and will therefore pay more for it over something very similar that we didn’t make.

• We can design for more ethical behavior (2016)
As Chief Behavioral Officer at Lemonade, an insurance firm, Dan combined our Commitment Bias with his findings on dishonesty, using moral reminders and honesty pledges to increase the number of genuine insurance claims.

“People are willing to work free, and they are willing to work for a reasonable wage; but offer them just a small payment and they will walk away.”

• Even the lazy can reach life goals (2015)
Dan helped to develop Qapital, an app that lets you connect your bank account to reach your financial goals. Make a purchase for $5.70, Qapital charges you $6 and saves the difference for you. A brilliant use of Defaults to avoid the Loss Aversion of intentionally putting money away in a savings pot.

• Tiny commitments can have a big effect (2018)
Found that having people make a pledge to repay a loan within a smaller window of time led them to be more likely to pay off their debt. These results suggest that designing Time-scarce commitments like this are a scalable, cost-effective intervention to help improve people’s lives.

Key Takeaways

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In further detail

• We overvalue things that are free (2007)
His famous chocolate experiment revealed that, due to our Zero Price Bias, we place far greater value on things that are free over something very cheap.

• We value things more that we’ve helped make (2012)
Dan discovered the famous IKEA Effect, which tells us that when we’ve invested energy into helping make something, we feel a stronger attachment to it and will therefore pay more for it over something very similar that we didn’t make.

• We can design for more ethical behavior (2016)
As Chief Behavioral Officer at Lemonade, an insurance firm, Dan combined our Commitment Bias with his findings on dishonesty, using moral reminders and honesty pledges to increase the number of genuine insurance claims.

“People are willing to work free, and they are willing to work for a reasonable wage; but offer them just a small payment and they will walk away.”

• Even the lazy can reach life goals (2015)
Dan helped to develop Qapital, an app that lets you connect your bank account to reach your financial goals. Make a purchase for $5.70, Qapital charges you $6 and saves the difference for you. A brilliant use of Defaults to avoid the Loss Aversion of intentionally putting money away in a savings pot.

• Tiny commitments can have a big effect (2018)
Found that having people make a pledge to repay a loan within a smaller window of time led them to be more likely to pay off their debt. These results suggest that designing Time-scarce commitments like this are a scalable, cost-effective intervention to help improve people’s lives.

Takeaway image
Currently being prepared...
Dan Ariely

Dan Ariely

at Duke University

Brilliant academic, engaging speaker and champion of creativity with behavioural research. Dan's involved in many businesses built from the ground up with its findings, such as Shapa [SHAY-pa], Qapital and Lemonade.

The study

Setup

Nuggademic people academic

Results

study graph
np_read_2490885_000000

In detail

• We overvalue things that are free (2007)
His famous chocolate experiment revealed that, due to our Zero Price Bias, we place far greater value on things that are free over something very cheap.

• We value things more that we’ve helped make (2012)
Dan discovered the famous IKEA Effect, which tells us that when we’ve invested energy into helping make something, we feel a stronger attachment to it and will therefore pay more for it over something very similar that we didn’t make.

• We can design for more ethical behavior (2016)
As Chief Behavioral Officer at Lemonade, an insurance firm, Dan combined our Commitment Bias with his findings on dishonesty, using moral reminders and honesty pledges to increase the number of genuine insurance claims.

“People are willing to work free, and they are willing to work for a reasonable wage; but offer them just a small payment and they will walk away.”

• Even the lazy can reach life goals (2015)
Dan helped to develop Qapital, an app that lets you connect your bank account to reach your financial goals. Make a purchase for $5.70, Qapital charges you $6 and saves the difference for you. A brilliant use of Defaults to avoid the Loss Aversion of intentionally putting money away in a savings pot.

• Tiny commitments can have a big effect (2018)
Found that having people make a pledge to repay a loan within a smaller window of time led them to be more likely to pay off their debt. These results suggest that designing Time-scarce commitments like this are a scalable, cost-effective intervention to help improve people’s lives.

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Nuggets

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Open access, foundational Nuggets

Scarcity

Scarcity

We value things more when they’re in limited supply

Social Proof

Social Proof

We copy the behaviors of others, especially in unfamiliar situations

Prospect Theory

Prospect Theory

A loss hurts more than an equal gain feels good

Reciprocity

Reciprocity

We’re hardwired to return kindness received

Framing

Framing

We make very different decisions based on how a fact is presented

Loss Aversion

Loss Aversion

We feel more negative when losing something than positive when we gain it

Self-Expression

Self-Expression

We constantly seek out ways to communicate our identity to others

Default Effect

Default Effect

We tend to accept the option pre-chosen for us

Priming

Priming

Our decisions are shaped by memories recalled from things just seen or heard

Anchoring

Anchoring

What we see first affects our judgement of everything thereafter

Autonomy Bias

Autonomy Bias

We have a deep-seated need to control our situations

Fast & Slow Thinking

Fast & Slow Thinking

We make knee-jerk spontaneous decisions that can cause regretful damage

Status Quo Bias

Status Quo Bias

We tend to stick with our previous choices, even if the alternatives might be better

Dynamic Norms

Dynamic Norms

We’re more likely to change if we can see a new behavior developing

Salience

Salience

Our choices are determined by the information we're shown

Connected to

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What's Cooking?

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