Chapter
How Incentives Affect Decision Making
16:14 - 24:02 (07:47)
In this episode, the host discusses how incentives can have a significant impact on people's decision-making processes, even if they are not aware of it. Examples include physician compensation and Uber's policy for drivers to continue working towards a bonus, even if they don't reach it.
Clips
This podcast discusses how payment incentives affect doctors' decisions on performing surgeries, procedures and its impact on healthcare in different parts of the world.
16:14 - 18:02 (01:47)
Summary
This podcast discusses how payment incentives affect doctors' decisions on performing surgeries, procedures and its impact on healthcare in different parts of the world.
ChapterHow Incentives Affect Decision Making
Episode#609 - Uri Gneezy - How To Understand Psychological Incentives
PodcastModern Wisdom
The conflict between quality and quantity is present in many aspects of life.
18:02 - 19:14 (01:12)
Summary
The conflict between quality and quantity is present in many aspects of life. Whether it’s in healthcare or academia, incentives that prioritize quantity can come at the expense of quality, leading to suboptimal outcomes.
ChapterHow Incentives Affect Decision Making
Episode#609 - Uri Gneezy - How To Understand Psychological Incentives
PodcastModern Wisdom
Researchers from Wharton School conducted an experiment where they found that people were more likely to recommend an option once they had to choose it for themselves first, a phenomenon known as effort justification.
19:14 - 20:54 (01:39)
Summary
Researchers from Wharton School conducted an experiment where they found that people were more likely to recommend an option once they had to choose it for themselves first, a phenomenon known as effort justification.
ChapterHow Incentives Affect Decision Making
Episode#609 - Uri Gneezy - How To Understand Psychological Incentives
PodcastModern Wisdom
People often self-deceive to think that the option they learned about with incentives is better than the other one.
20:54 - 22:12 (01:17)
Summary
People often self-deceive to think that the option they learned about with incentives is better than the other one. This happens in the minds of professionals like doctors and financial advisors, and it can be seen in the way ride-sharing companies like Uber use the rating system.
ChapterHow Incentives Affect Decision Making
Episode#609 - Uri Gneezy - How To Understand Psychological Incentives
PodcastModern Wisdom
A discussion about Uber's driver payment system, where drivers don't get paid more if they face detours or get stuck in traffic, but riders don't get charged more either in such cases.
22:12 - 24:02 (01:50)
Summary
A discussion about Uber's driver payment system, where drivers don't get paid more if they face detours or get stuck in traffic, but riders don't get charged more either in such cases. The speaker also mentions the convenience of using Uber over traditional taxis despite longer wait times in some areas.