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11/20/2020

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Loved this lesson, Chris! Such predictably irrational behavior (from the great book by Prof. Dan Ariely, founder of the Center for Advanced Hindsight) is vitally important to the Total Rewards field.

Behaviors driven by financial or commercial motives (like doing a job) involve different psychological dynamics than behaviors driven by social reasons. Volunteers will fill flood control sandbags for free while rejecting the exact same activity if offered a high hourly rate to do it "as a job". Folks who would refuse an offer of money to change your tire will do it for nothing to help a mom stranded on the roadside with a van full of kids and a flat tire.

All motives are not commercial or financial. Money is not the only consequences of value. Financial income is frequently inferior to psychic income. Hence my meme: "not all rewards jingle."

We ignore such obvious but non-statistical and un-numeric realities about behavioral economics at our peril. There is also another point about knowing the price of everything and the value of nothing. That could be us!

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