Why are well-fed people in affluent countries often unhappy and anxious?
The persistence of cognitive biases in financial decisions across economic groups
While economic inequality continues to rise within countries, efforts to address it have been largely ineffective, particularly those involving behavioral approaches. It is often implied but not tested that choice patterns among low-income individuals may be a factor impeding behavioral interventions aimed at improving upward economic mobility. To test this, we assessed rates of ten cognitive biases across nearly 5000 participants from 27 countries. Our analyses were primarily focused on 1458 individuals that were either low-income adults or individuals who grew up in disadvantaged households but had above-average financial well-being as adults, known as positive deviants. Using discrete and complex models, we find evidence of no differences within or between groups or countries. We therefore conclude that choices impeded by cognitive biases alone cannot explain why some individuals do not experience upward economic mobility. Policies must combine both behavioral and structural interventions to improve financial well-being across populations.
A psychologically rich life: Beyond happiness and meaning.
Why is everyone so busy?
Time poverty is a problem partly of perception and partly of distribution
The Case for Lowering Your Expectations
It may be the key to happiness and sustainable performance
Behavioral Economics and Marketing in Aid of Decision Making among the Poor
This article considers several aspects of the economic decision making of the poor from the perspective of behavioral economics, and it focuses on potential contributions from marketing. Among other things, the authors consider some relevant facets of the social and institutional environments in which the poor interact, and they review some behavioral patterns that are likely to arise in these contexts. A behaviorally more informed perspective can help make sense of what might otherwise be considered “puzzles” in the economic comportment of the poor. A behavioral analysis suggests that substantial welfare changes could result from relatively minor policy interventions, and insightful marketing may provide much needed help in the design of such interventions.
How can you tell if someone is kind? Ask how rich they are.
Studies show that the wealthy are less empathetic than the poor, whether they're driving a car or serving in Congress.
EA is worse than traditional philanthropy in the way it excludes we the poor.
Effective altruism is worse than traditional philanthropy in the way it excludes the extreme poor in the global south. By Anthony Kalulu @KaluluAnthony | December 3, 2022: —- I have spent the vast portion of my life in ultra poverty. My region Busoga, is also Uganda’s most impoverished, yet Uganda itself is among the poorest countries … Continue reading ""
How your bank balance buys happiness: The importance of “cash on hand” to life satisfaction.
The Monsters, Inc. Argument for Unconditional Basic Income
How to convert an economy based on fear to one based on joy
Pain of Paying? — A Metaphor Gone Literal: Evidence from Neural and Behavioral Science
How do individuals consider the price of a good when making purchase decisions? Standard economic theories assume an analytical process: Individuals consider th
The downside of being happy
Nobody likes to be sad, but it can have a powerful and positive effect.
The Housing Shortage Is a Major Driver of Poverty
Housing costs are usually the largest item in a household’s budget and can determine a family’s financial stability.
What makes people flourish? A new survey of more than 200,000 people across 22 countries looks for global patterns and local differences
A global study seeks insights into what helps people feel happy, healthy and satisfied – and what holds them back.
Why older people are happier and what we can learn from them | Psyche Ideas
Around the world, happiness tends to peak later in life. It has more to do with balancing priorities than elderly wisdom
Brett Scott (@brettscott)
A lot of economists want to claim that economic growth is, at some deep level, driven by human greed. In this worldview, we always desire more and more, and so collectively seek to endlessly boost production I don’t buy this worldview at all I think economic growth is driven - at a deep level - by fear. It stems from the extreme insecurity of life in a capitalist market system, where you’re always on the verge of being cut out of society, and so need to over-secure your position through any means possible One of the most compelling pieces of evidence for this is the history of colonial beliefs around laziness. In many colonial regions, colonizers would complain about tribal people being lazy - in other words, not seeking to increase production when they could. The reason for this, however, was that such people had access to subsistence farming and secure social structures that did not require endless competition. Secure people are, by definition, ‘lazier’, in the sense that they do not perceive a visceral need to fight for survival The colonial mission then, was the cut them off from older means of survival, make them dependent on insecure market structures, and thereby boost production as they all turn up at the mines to elbow each other out of the way as they compete for jobs. Security, in other words, is the enemy of economic growth
