Dan Ariely is the James B. Duke Professor of Psychology & Behavioral Economics at Duke University. In addition to appointments at the Fuqua School of Business, the Center for Cognitive Neuroscience, the Department of Economics, and the School of Medicine at Duke University, Dan Ariely is also a founding member of the Center for Advanced Hindsight, and the author of the New York Times bestsellers Predictably Irrational, The Upside of Irrationality and his most recent book, The Honest Truth About Dishonesty. These books are Dan Ariely’s attempt to take his research findings and describe them in non academic terms so that more people will learn about this type of research, discover the excitement of behavioral economics, and possibly use some of the insights to enrich their own lives.
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Dan Ariely spoke at the IRA Sohn Investment Conference, also see Dan Ariely’s A Beginner’s Guide to Irrational Behavior. Below are notes from his presentation. All times are EST
Highlights from Dan Ariely’s presentation
1:00 – Dan Ariely is an expert on behavioral finance. He is the fourth speaker at the conference this year. Dan starts off talking about technology. He believes that Technology makes it more difficult to understand the tradeoffs you’re making with money.
1:08: The reason is that once you start spending money, spending much more elsewhere does not seem like a big deal for most people. Although IMHO what Ariely has the most important presentation in terms of how to be a better investor improve your process, it also is hard to get down deep ideas on behavioral finance in a live blog format. Just wanted to make both those points clear, since i think is important not to get too attached to good ideas as opposed to a good process.
1:10 No specific recommendation from Ariely but he discusses fairness and says that we humans should not really care about fairness, but the fact is that we do. We should care about the quality of the advice we get, but we have trouble evaluating it.” H/T for CFA Institue on this one since having hard time following. Financial industry is not really good at presenting the effort that goes into analysis. Money and what money is, is very interesting, and now humanity is standing at an interesting intersection with inventions like electronic wallets.