#609 - Uri Gneezy - How To Understand Psychological Incentives

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... Sponsors: Get 83% discount & 3 months free from Surfshark VPN at https://surfshark.deals/MODERNWISDOM (use code MODERNWISDOM) Get $100 discount on the best water filter on earth from AquaTru at https://bit.ly/drinkwisdom (discount automatically applied) Get 20% discount on all Keto Brainz products at https://ketobrainz.com/modernwisdom (use code: MW20) and follow them on Instagram at https://www.instagram.com/ketobrainz/ 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 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