Follow the Anomalies
As we move through our lives, we have to make decisions both big and small. Some are banal: What will I eat for breakfast today? Should I drive or bike to work? Others are more complicated: How much should I contribute to my 401k? What career should I pursue? Today on the show, behavioral economist Richard Thaler explains why our decision making is often far more nuanced than economic models would suggest.
- Duration
- 56m
- Broadcast on
- 16 Oct 2023
- Audio Format
- other
This episode appears to contain dynamically inserted ads. Transcript timestamps may be approximate.
As we move through our lives, we have to make decisions both big and small. Some are banal: What will I eat for breakfast today? Should I drive or bike to work? Others are more complicated: How much should I contribute to my 401k? What career should I pursue? Today on the show, behavioral economist Richard Thaler explains why our decision making is often far more nuanced than economic models would suggest.
If you missed last week's show on how to keep yourself from getting conned, you can find it here: How to Spot a Scam.
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This is Hidden Brain, I'm Shankar Vedanta. In the year 1596, a cartographer in what is today the Netherlands noticed a startling anomaly. Abraham Autelius observed that if you moved around the continents of the known world like pieces in a jigsaw puzzle, the western coastline of Africa fit like a glove around the eastern coastline of South America. At first, the anomaly was dismissed as a weird coincidence. The idea that the continents of Africa and South America could have once been joined together seemed absurd because sitting between them now was the vast immensity of the Atlantic Ocean. In time however, scientists realized that continents do move around. What is today South America was in fact once attached to Africa. Sitting lines of evidence soon began to come together. The fossil record for example shows similar species in areas that were once contiguous. Abraham Autelius's observation was a crucial clue in the development of the theory of continental drift. Anomalies have long been a powerful driver of scientific invention. Taking attention to places where things look odd and weird can tell you where your maps and models of the world are wrong. If you have the humility and patience to sit with anomalies instead of simply dismissing them, they can teach you things about the world that you didn't know before. This week on Hidden Brain, how a series of anomalies in the way people get money, spend money, and save money led to the development of the field of behavioral economics. Support for Hidden Brain comes from Air France. Air France business cabin offers comfort throughout the journey with priority check-in, boarding, and lounge access. Construction board enjoy menus from renowned French chefs, wines, and champagne selected by Assamelier and free high-speed Wi-Fi. When it's time to rest, settle into a fully adjustable life flat bed with added mattress comfort. The art of travel elevated because Air France business cabin goes further in every detail to make your journey exceptional. Support for Hidden Brain comes from Defender. Even the boldest journey starts small, with a single decision to go somewhere new. The Defender 110 is a vehicle built for those moments for drivers capable of great things, whether they're headed toward uncharted territory or just a weekend away. The Defender 110 combines on-road presence with off-road capability. It looks tough because it is, with an exterior engineered for durability. Inside, capability meets comfort with seating for five and the option for seven plus refined finishes and thoughtful design. It's also packed with intuitive tech, like 3D surround cameras with clear-side ground view to help you navigate rough terrain, and the next-generation PIVI Pro infotainment system designed to keep you informed, connected, and in control, no matter the path. The Defender 110 is naturally capable, expedition ready, and built for those ready to move forward. Explore the Defender 110 at LandroverUSA.com. If a Hidden Brain comes from Progressive, whoever says saving money is hard doesn't know that new customers who bundle and save with Progressive save hundreds, because switching your home and auto insurance is better than cutting down on those iced latte as you love. Switch to Progressive and see if you could save. Get your quote today at Progressive.com, Progressive Casualty Insurance Company, affiliates, and other insurers, not available in all states.
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As we move through our lives, we have to make decisions both big and small. Some are banal: What will I eat for breakfast today? Should I drive or bike to work? Others are more complicated: How much should I contribute to my 401k? What career should I pursue? Today on the show, behavioral economist Richard Thaler explains why our decision making is often far more nuanced than economic models would suggest.