Chapter
The Psychology of Fines
50:16 - 54:03 (03:46)
The experiment found that many people are late when given the incentive of a fine. The fear of losing money is not always enough to motivate people to be punctual.
Clips
The perception that fines don't work is wrong according to a study carried out by an Israeli psychologist.
50:16 - 51:30 (01:13)
Summary
The perception that fines don't work is wrong according to a study carried out by an Israeli psychologist. Small fines may not be effective, while in the case of daycares, imposing a $3 fine for coming in 10 minutes late significantly reduced the number of late pick-ups.
ChapterThe Psychology of Fines
Episode#609 - Uri Gneezy - How To Understand Psychological Incentives
PodcastModern Wisdom
The Estonian police will fine you 400 euros if you're pulled over for being late and you make 700 euros an hour.
51:31 - 53:29 (01:58)
Summary
The Estonian police will fine you 400 euros if you're pulled over for being late and you make 700 euros an hour. But for most people, the fine is 350 euros or waiting on the side of the road for 30 minutes.
ChapterThe Psychology of Fines
Episode#609 - Uri Gneezy - How To Understand Psychological Incentives
PodcastModern Wisdom
The optimization for time and money in certain scenarios is interlinked and those who are both time and money rich are the people that optimize for both.
53:29 - 54:03 (00:33)
Summary
The optimization for time and money in certain scenarios is interlinked and those who are both time and money rich are the people that optimize for both.