“It seems then that instead of consumers' willingness to pay influencing market prices, the causality is somewhat reversed and it is market prices themselves that influence consumers' willingness to pay.”

“It seems then that instead of consumers' willingness to pay influencing market prices, the causality is somewhat reversed and it is market prices themselves that influence consumers' willingness to pay.”

“Following imprinting, valuations become locally coherent, as the consumer attempts to reconcile future decisions of a "similar kind" with the initial one. This creates an illusion of order, because consumers' coherent responses to subsequent changes in conditions disguise the arbitrary nature of the initial, foundation choice.”

“We all think that in the future, we are wonderful people. We will be patient, we will not procrastinate, we will exercise, we will eat well... The problem is we never get to live in that future. We always live in the present.”

“Dan Ariely, author of Predictably Irrational, a book that offers an entertaining and engaging overview of behavioral economics.”

“Another company came up with an even more brilliant idea --- that nobody could own their own cubicle -- designing the system such that those who showed up to work earliest in the morning could claim the ones closest to the windows. None of the cubicles had anything but a desk, a place to connect a computer, and a chair. No one could establish a sense of connection to their workspace. Ultimately, by setting the atmosphere this way, the company communicated to the employees that they are valued only for their direct productivity and that they are easily replaceable.”

“When the Starbursts cost a cent apiece, the average number of candies per customer was 3.5, but when the price went down to zero, the average went down to 1.1 per customer. The students limited themselves to a large degree when the candy was free. In fact, almost all the students applied a very simple social-norm rule in this situation—they politely took one and only one Starburst. ... What these results mean is that when price is not a part of the exchange, we become less selfish maximizers and start caring more about the welfare of others. We saw this demonstrated by the fact that when the price decreased to zero, customers restrained themselves and took far fewer units.”

“It seems then that instead of consumers' willingness to pay influencing market prices, the causality is somewhat reversed and it is market prices themselves that influence consumers' willingness to pay.”

“One percent of people will always be honest and never steal," the locksmith said. "Another one percent will always be dishonest and always try to pick your lock and steal your television. And the rest will be honest as long as the conditions are right - but if they are tempted enough, they'll be dishonest too. Locks won't protect you from the thieves, who can get in your house if they really want to. They will only protect you from the mostly honest people who might be tempted to try your door if it had no lock".”

“When people think about a placebo such as the royal touch, they usually dismiss it as "just psychology." But, there is nothing "just" about the power of a placebo, and in reality it represents the amazing way our mind controls our body.”

“The more cashless our society becomes, the more our moral compass slips.”

“In running back and forth among the things that might be important, we forget to spend enough time on what really is important.”