Jeff Kreisler: How To Make Smarter Decisions
Last week, behavioral economist Jeff Kreisler spoke at our Inspire 2019 Conference in DC. He talked about why we make the decisions we make as well as the subconscious ways we sabotage our present by focusing on our future.
Jeff kicked off his keynote by asking the audience several sets of questions. These questions were designed to easily demonstrate the fundamentals of behavioral economics, or the science of understanding how human beings act in the real world—not in textbooks.
Kreisler asked things like, “How much is a gallon of gas?” and “What’s the price per gallon to heat your home?” Similarly, he asked, “Do you use a credit card?” and “Do you know exactly at the end of the month what your credit card bill will be?” The questions were geared towards showing how the powers of accountability, self-control, and time management play into our decision-making process, as well as several key principles of behavioral economics.
For one, it’s a lot easier for individuals managing money to advise clients of how to act than it is to manage their own money. They follow data and encourage clients to make rational decisions, while making decisions emotionally in their own lives (as we all do).
Jeff then talked about how all decisions are essentially value judgments, the role relativity plays in transactions, the “pain of paying,” and how it’s important to not only think of costs but opportunity costs—or the different ways we could be spending our money.
As Jeff explained, behavioral economics, and these same principles that drive our spending and saving habits, apply across industry and business lines. While Jeff’s insights encourage financial responsibility, his insights on human psychology, consumer behavior, and transactional relationships transcend the world of finance and are applicable to any person or organization hoping to increase accountability, transparency, and self-control.
Jeff talks about everything from how to become more accountable and aware when it comes to daily spending habits to how to be a better decision maker and how to get better at keeping promises.
He also touches on the ways organizations use technology to make spending less painful for consumers, and why we need to fight the urge to spend without forethought. Plus, Jeff is a former stand-up comic, so his insightful presentations always bring the laughs.
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