Wealth Effects: If you received $10 you’d be happy. How much would you need to be twice as happy? The rational answer is $20. But research by S. S. Stevens found people require $40 to double the joy of receiving $10. The relationship between money & happiness is not linear.
2
21 reads
CURATED FROM
IDEAS CURATED BY
William Poundstone offers many examples of how our perceptions of prices vary depending on cues, context and contrast.
“
The idea is part of this collection:
Learn more about books with this collection
How to make rational decisions
The role of biases in decision-making
The impact of social norms on decision-making
Related collections
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates