Podcasts about Loss aversion

Freiheit ist kein Gefühl, sondern ein System. In dieser Folge vom Der globale Solopreneur Podcast sprechen Tim und Dennis darüber, warum echte unternehmerische Freiheit nicht aus Spontanität und „einfach machen" entsteht – sondern aus klaren Strukturen, Systemen und minimalistischen Setups.   Du erfährst unter anderem: warum viele Solopreneure hart, aber chaotisch arbeiten – und damit ständig im Reiz-Reaktions-Modus hängen wie Struktur Entscheidungen reduziert und mentale Last senkt warum du als Solopreneur eher Architekt & Dirigent deines Business sein solltest, statt alles selbst zu „spielen" wieso Minimalismus im Business oft die bessere Wachstumsstrategie ist als noch mehr Tools, Angebote und Baustellen welche psychologischen Fallen dich vom Kurs abbringen (Loss Aversion, Confirmation Bias, Shiny Objects, Komplexitätsfalle, Komfortzonenträgheit) – und wie Systeme dich genau davor schützen welche konkreten Systeme Freiheit schaffen: Leadflow, Delivery-Systeme, Weekly Operating System, KPI-Setup, Content-OS & Tool-Stack   Zum Schluss geben Tim und Dennis dir eine klare 5-Schritte-Logik mit, wie du deine eigenen Systeme aufbauen kannst – mit deutlich mehr Ruhe, Fokus und echter Freiheit im Business.   ⏱ Timestamps  00:00 – Intro & Kernthese: Freiheit ist kein Gefühl, sondern ein System 02:33 – Warum Solopreneure ohne Systeme scheitern 13:18 – Psychologische Kursabbringer & Minimalismus 21:58 – Konkrete Systeme & Takeaways  

Why do smart investors keep throwing money at bad deals? In this episode, Terrie breaks down how loss aversion—driven by fear, ego, and sunk costs—pushes people to cling to failing projects in condos, renos, and small developments. We look at why investors double down instead of cutting losses, how this gambler-like mindset destroys portfolios, and what seasoned operators do differently to protect their capital.A short, sharp reality check for anyone stuck in a deal that's going sideways.Come to the next Equity Builders Club event → equitybuildersclub.com/eventsUse code ML5 to save $5.

In this episode of The Behaviorist, host Dylan Ehlert and guest Joey McMonagle, Chief Business Development Officer at Atomic Design, explore how loss aversion influences our decisions—often keeping us from taking the risks that lead to growth, innovation, and fulfillment. Together, they unpack why our brains are wired to avoid loss, how that bias shows up in leadership and organizational culture, and practical ways to reframe risk, cultivate a growth mindset, and lead with courage. To learn more about Work Wisdom, visit our website at www.workwisdomllc.com and follow us on LinkedIn and Instagram (@workwisdom).

Episode OverviewIn this episode of The Future-Ready Advisor, host Sam Sivarajan sits down with JonRobert 'Tat' Tartaglione, a behavioral scientist and founder of Influence 51, to explore the fascinating intersection of psychology and financial advising. With a doctorate in psychology from Cambridge, Tat specializes in translating complex behavioral science insights into practical tools that financial professionals can implement immediately.They discuss how small changes in language and framing can dramatically influence client decisions, why choice architecture matters more than we realize, and how metaphors shape our perception of financial concepts. Tat shares practical examples of behavioral science principles in action, from commitment devices to loss aversion, all tailored specifically for financial advisors seeking to improve client outcomes.Whether you're looking to enhance client communication, drive behavioral change, or simply understand the psychological forces behind financial decisions, this conversation offers actionable strategies that bridge the gap between academic research and real-world application.Key Quote'Language matters so, so much. There is a difference between saying '80% fat free' and '20% fat'. Even seemingly insignificant tweaks matter.' — JonRobert TartaglioneKey TakeawaysChoice architecture dramatically influences decisions - how options are presented matters more than the options themselves.Metaphors shape financial conversations - the language we use guides how clients conceptualize financial concepts.Commitment devices drive action - creating accountability structures helps clients follow through on financial plans.Loss aversion is a powerful motivator - framing choices to highlight what clients might lose creates stronger incentives.Subtle language changes yield big results - even minor wording adjustments can significantly impact client decisions and behaviors.Sound Bites'When it comes to choice architecture, the way you present options affects how people choose, even when the options themselves don't change.''Money doesn't influence decisions—the psychology around money influences decisions.''People will work harder to avoid losing $5 than they will to gain $5, even though mathematically it's the same amount.''Budgeting as 'paying your future self' reframes the experience from loss to investment.''Metaphors aren't just flowery language—they guide how people conceptualize problems and solutions.'Topics Discussed00:00 - Introduction to JonRobert Tartaglione and Influence 5101:39 - The Gap Between Behavioral Science Research and Practical Application06:37 - Understanding Choice Architecture in Financial Advising15:06 - Loss Aversion and How to Frame Financial Decisions22:04 - The Power of Commitment Devices to Change Client Behavior31:24 - Metaphors and Language: How Words Shape Financial Perceptions46:43 - Making Behavioral Science Concrete for Different Industries48:15 - The Critical Importance of Language in Client CommunicationsResources MentionedLearn more about JonRobert Tartaglione and his work: https://www.influence51.comStay Connected with The Future-Ready AdvisorSubscribe on your favorite podcast platform to never miss an episode.Join the conversation on LinkedIn—

In today's crowded SaaS market, having a great product simply isn't enough. understanding why human psychology still wins in B2B SaaS sales is very crucial. Many companies generate significant interest, such as leads, web traffic, or downloads, but still struggle to convert that attention into reliable revenue. The real issue isn't a lack of data; it's a misunderstanding of how B2B buyers actually make decisions.In this episode of Grow Your B2B SaaS, Joran Hofman hosts Jessica Pely, co-founder of Loyee.ai and former fintech CTO, to discuss why great products alone do not win in SaaS. Jessica emphasizes the need to align go-to-market strategies with real buyer behavior. Her approach combines behavioral science, data, and AI and delivers a clear takeaway: sustainable growth comes from better targeting based on behavioral signals and executing with focus.Key Timecodes(0:00) – Cold Open: Signals vs. Noise in Go-To-Market, Sales Overconfidence in B2B SaaS(0:49) – Guest Intro: Jessica Pely – LOI AI, Behavioral Economics Meets SaaS(1:30) – Origin Prompt: Behavioral Targeting in SaaS Sales(1:43) – PhD to CTO: Rational Biases & Enterprise Sales Strategy(2:58) – Founding LOI AI: Identifying Pain-Driven Accounts & Buyers(3:13) – Conversion Struggles: Interest ≠ Paying Customers in SaaS(3:38) – Targeting Models: Spray-and-Pray vs. Signal-Based Go-To-Market(4:56) – Chasing Logos: How Social Bias Derails SaaS Sales Focus(5:05) – Psychology in B2B Sales: Biases from Both Sides of the Table(5:21) – Buyer Biases: Status Quo, Risk Aversion, Loss Aversion(6:50) – Adoption Dynamics: Early Adopters vs. Most-in-Pain Accounts(8:23) – Sales Overconfidence: Deal Cycles, Forecasting & Coaching(8:30) – Sponsor Break: SaaStock Dublin – Founders, VCs, Meetings(9:39) – AI in Sales: Misconceptions & The Human Element(9:58) – 3 AI Use Cases: Automation, Insights, Autonomous Decisioning(11:17) – AI as R&D: Hire AI Like a Junior, Align with GTM(12:54) – Garbage In, Garbage Out: Build Your Sales Knowledge Base(13:43) – ICP vs. TAM: Best-Fit Profiles & Signal-Based Markets(15:15) – Customer First: Twin Companies & Lookalike Targeting(16:02) – Competitor Displacement: Migration Targeting via Pain Points(16:47) – Too-Broad Signals: Salesforce ≠ Clear Jobs-To-Be-Done(17:37) – JTBD + Job Ads: Scraping for AE Needs & Verification Pain(19:27) – Early-Stage Focus: Iterate, Learn, Focus on Fit(21:00) – AI for ICP Scoring: Cut Through Noise with Fit + Pain(22:38) – Qualitative Signals: Culture, Pricing, Sales Motions & ML(23:48) – Operating Rhythm: Reassess ICP Quarterly(24:29) – More Data Isn't Better: Limit GTM Signals to 10–15(25:45) – Human vs. AI Outbound: 2x2 Matrix for Outreach Strategy(28:33) – Growth Principle: Focus Over More – Execute Deeply(29:01) – Future of SaaS Sales: Automation + Human Differentiation(30:02) – Stage-Based GTM: Scaling from 0 → $10M ARR(31:24) – Document Everything: Train AI, Onboard Faster

"Good entrepreneurs fall in love with their solution and their platform, but great entrepreneurs fall in love with the problem." - Matt ScovilMatt Scovil and Nathan Gilchrist of Medefy Health, have fallen in love with one of the biggest problems in benefits: nobody wants to engage with them. They joined the show to discuss their journey of building a platform designed to solve the engagement crisis and simplify the healthcare experience for everyone.Matt and Nathan break down their "bottoms-up" approach to this problem, which focuses on engaging members when they need help through a high-touch, live support model delivered via mobile app. We discuss how they use the psychology of "loss aversion" and constant communication to drive engagement rates over 90%.We also explore how Medefy acts as the "quarterback" for a health plan, removing friction by navigating members to the right solutions. This is all part of their vision for the future of healthcare, where the experience is "heavily, heavily individualized" for each person.Chapters:(00:00:00) Why Employees Would Rather Clean a Toilet Than Use Their Benefits (00:04:18) Cleaning a Toilet vs. Learning Your Benefits (00:08:46) Falling in Love with the Problem, Not the Solution (00:14:23) The Power of Live, Human Support (00:19:08) Using "Loss Aversion" to Drive Engagement (00:34:54) The Quarterback for Your Health Plan (00:47:57) How AI is Augmenting the Human Touch (01:00:01) The Future of Healthcare is "Individualized"Key Links for Social:@SelfFunded on YouTube for video versions of the podcast and much more - https://www.youtube.com/@SelfFundedListen/watch on Spotify - https://open.spotify.com/show/1TjmrMrkIj0qSmlwAIevKA?si=068a389925474f02Listen on Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286Follow Spencer on LinkedIn - https://www.linkedin.com/in/spencer-smith-self-funded/Follow Spencer on Instagram - https://www.instagram.com/selffundedwithspencer/

"Good entrepreneurs fall in love with their solution and their platform, but great entrepreneurs fall in love with the problem." - Matt ScovilMatt Scovil and Nathan Gilchrist of Medefy Health, have fallen in love with one of the biggest problems in benefits: nobody wants to engage with them. They joined the show to discuss their journey of building a platform designed to solve the engagement crisis and simplify the healthcare experience for everyone.Matt and Nathan break down their "bottoms-up" approach to this problem, which focuses on engaging members when they need help through a high-touch, live support model delivered via mobile app. We discuss how they use the psychology of "loss aversion" and constant communication to drive engagement rates over 90%.We also explore how Medefy acts as the "quarterback" for a health plan, removing friction by navigating members to the right solutions. This is all part of their vision for the future of healthcare, where the experience is "heavily, heavily individualized" for each person.Chapters:(00:00:00) Why Employees Would Rather Clean a Toilet Than Use Their Benefits (00:04:18) Cleaning a Toilet vs. Learning Your Benefits (00:08:46) Falling in Love with the Problem, Not the Solution (00:14:23) The Power of Live, Human Support (00:19:08) Using "Loss Aversion" to Drive Engagement (00:34:54) The Quarterback for Your Health Plan (00:47:57) How AI is Augmenting the Human Touch (01:00:01) The Future of Healthcare is "Individualized"Key Links for Social:@SelfFunded on YouTube for video versions of the podcast and much more - https://www.youtube.com/@SelfFundedListen/watch on Spotify - https://open.spotify.com/show/1TjmrMrkIj0qSmlwAIevKA?si=068a389925474f02Listen on Apple Podcasts - https://podcasts.apple.com/us/podcast/self-funded-with-spencer/id1566182286Follow Spencer on LinkedIn - https://www.linkedin.com/in/spencer-smith-self-funded/Follow Spencer on Instagram - https://www.instagram.com/selffundedwithspencer/

In this week's mini-episode, we discuss loss aversion, the human tendency to fear losses more than we desire equivalent gains. While avoiding losses is rational, excessive fear of loss can hold us back from our biggest growth opportunities.Get our Intro to Mechanics audio course, normally $79, FREE:https://bjjmentalmodels.com/freeintroDon't forget to check out BJJ Mental Models Premium!If you love the podcast, you'll definitely love our premium membership offerings. The podcast is truly just the tip of the iceberg – the next steps on your journey are joining our community, downloading our strategy courseware, and working with us to optimize your game. We do all this through memberships that come in at a fraction of the cost of a single private.Sign up here for a free trial:https://bjjmentalmodels.com/Need more BJJ Mental Models?Get tips, tricks, and breakthrough insights from our newsletter:https://bjjmentalmodels.com/newsletter/Get nitty-gritty details on our mental models from the full database:https://bjjmentalmodels.com/database/Follow us on social:https://facebook.com/bjjmentalmodels/https://instagram.com/bjjmentalmodels/Get Jake O'Driscoll's triple threat ankle lock course, FREE:https://bjjmentalmodels.com/jake

Are you overlooking the fastest way to grow your staffing firm? Loss aversion is the most underused yet powerful psychological principle in sales—and this video reveals exactly how to use it to close more deals, upsell existing accounts, and build client loyalty. In this expert-level conversation, presented by Haley Marketing, Brad Bialy sits down with sales strategist Jeff Mariola to dissect how loss aversion psychology and contrast techniques can radically shift your sales approach. If your team is overly focused on chasing new business and missing growth opportunities right in front of them, this episode will recalibrate your strategy. Expect to Learn: How human behavior, decision-making psychology, and relationship dynamics all collide in staffing sales. Why loss aversion should be your go-to strategy with both new and existing clients How to reposition your firm from “just another vendor” to “irreplaceable partner” What elite sales performers do differently in account management How to build and execute a repeatable, psychology-driven sales playbook Chapters & Timestamps 00:15 – The #1 Flaw in Staffing Sales Teams 02:06 – How to Sell More to Existing Clients 03:45 – Loss Aversion in Sales Explained 04:45 – How to Use Loss Aversion with Existing Clients 05:50 – Selling When Your Client Has Multiple Vendors 10:15 – Why Staffing Firms Underinvest in Account Growth 11:00 – Stop Chasing Logos: Start Deepening Client Relationships 12:15 – Creating a Sales Strategy for Existing Clients 13:10 – Identifying Hidden Revenue in Low-Yield Accounts 17:00 – Why Social Proof Works: Science of Influence 19:00 – Nobel Prize Research Behind Loss Aversion 20:15 – Using Contrast to Close More Deals 23:00 – Breaking Out of Outdated Staffing Sales Tactics 24:15 – The Referral Gap: What Most Salespeople Miss 26:45 – Asking for Referrals Without Feeling “Salesy” 28:45 – What Staffing Is Getting Wrong About Sales Today 31:30 – Building a Repeatable Sales System 32:45 – Creating Your Staffing Sales Playbook 38:00 – Key Traits of Top Staffing Sales Professionals 41:00 – Viktor Frankl, Mindset, and Finding Meaning in Sales 45:00 – Closing Thoughts + Connect with Jeff Mariola   About the Speakers: Brad Bialy is host of Take the Stage and InSights, two of the leading podcast for the staffing industry, presented by Haley Marketing. He has a deep passion for helping staffing and recruiting firms achieve their business objectives through strategic digital marketing. For over a decade, Brad has developed a proven track record of motivating and educating staffing industry professionals at over 100 industry-specific conferences and webinars. Brad has helped guide the comprehensive marketing strategy of more than 300 staffing and recruiting firms, making him a sought-after expert and speaker in the industry.   With more than 25 years of successful CEO leadership experience across two multi-national businesses (Rentokil Pest Control and Ambius) plus two entrepreneurial start-ups, Jeff Mariola has a reputation for creating cultures which consistently outscore other high-performing companies in engagement, growth, empowerment, and leadership. Having recently finished leading the recapitalization of a Brilliant Staffing, LLC to private equity in 2018, Jeff has now changed gears and united with his wife, Michelle, to create Mariola Unlimited – a leadership development advisory service business focused on executive coaching, leadership, management workshops, brand marketing, and keynote speaking. Jeff is certified by Multi-Health Systems in the use of the EQi 2.0 Assessment & EQ 360 Leadership Assessment tools, as well as Stephen R. Covey's, The Five Choices to achieving extraordinary productivity. He has also successfully completed the Mindfulness-Based Stress Reduction (MBSR) course and is a certified practitioner for Talent Optimization by The Predictive Index.   Offers Heard in this Episode: 30 minutes of strategic marketing consultation with Brad Bialy: https://bit.ly/Bialy30 Special Offers! Our Best Savings of 2025: https://bit.ly/bialyoffer What if your back office fueled your growth instead of holding it back? TRICOM makes it happen! From payroll and billing to accounting and asset based lending, they clear the roadblocks and power your path forward. Your team gets paid, your cash flow stays steady and your business scales like never before. Visit https://www.TRICOM.com to learn more.

Why does losing feel so much worse than winning feels good? In this episode, John and Matt revisit one of their most honest conversations—from a time when markets were down and emotions were running high. They break down the concept of loss aversion and how it quietly shapes our decisions, often without us realizing it. 00:32 Revisiting Loss Aversion 02:26 Behavioral Insights and Market Reactions 06:12 Practical Strategies for Managing Loss Aversion 11:55 Personal Experiences and Professional Advice 19:29 The Importance of Professional Guidance 32:27 Conclusion and Final Thoughts

Ready to take a deep dive and learn how to generate personal tax-free cash flow from your corporation? Enroll in our FREE masterclass here and book a call hereAre you holding back from your next investment move or sticking to your retirement goals because you're concerned of being wrong?Too many entrepreneurs and investors get stuck chasing “the right decision” instead of designing a system that lets them handle mistakes. In this episode, Jon Orr breaks down why avoiding failure limits your success—and how to rethink risk so you can move forward with confidence, even when things don't go as planned.Here's what you'll take away from this episode:A mindset shift that helps you embrace uncertainty instead of fearing it.Practical strategies to build a financial system that protects you when risks don't pay off.How to spot and overcome the hidden biases—like loss aversion and sunk cost fallacy—that are sabotaging your decisions.Stop waiting for certainty—press play now and learn how to build a system that succeeds even when you're wrong.Discover which phase of wealth creation you are in. Take our quick assessment and you'll receive a custom wealth-building pathway that matches your phase and learn our CRA compliant tax optimized strategies. Take that assessment here.Canadian Wealth Secrets Show Notes Page:Consider reaching out to Kyle…taking a salary with a goal of stuffing RRSPs;…investing inside your corporation without a passive income tax minimization strategy;…letting a large sum of liquid assets sit in low interest earning savings accounts;…investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,…wondering whether your current corporate wealth management strategy is optimal for your specific situation.Achieving financial freedom in Canada takes more than just smart saving—it requires the right mindset and a system built to adapt when things don't go as planned. Too often, Canadian entrepreneurs and investors fall into traps like loss aversion, sunk cost fallacy, and overconfidence bias, holding them back from seizing real opportunities for business growth and wealth building. In this episode, we break down how effective financial planning, risk management, and decision making—paired with strategies like RRSP optimization, corporate wealth planning, and tax-efficient investing—can help you design a Canadian wealth plan that supports your financial independence and early retirement strategy. Whether you're navigating salary vs dividends in Canada, creating pReady to connect? Text us your comment including your phone number for a response!Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

Ep 64. Fighting Fire with Fire: Verlustaversion isst Algorithmusaversion zum Frühstück (Juli 2025) Basierend auf dem Artikel „Humans' Use of AI Assistance: The Effect of Loss Aversion on Willingness to Delegate Decisions" von Jesse C. Bockstedt und Joseph R. Buckman. https://doi.org/10.1287/mnsc.2024.05585  Der Podcast zur Unternehmensführung und Organisation für die Praxis, der Ihnen aktuelle Erkenntnisse aus der internationalen Spitzenforschung kurz und unkompliziert näherbringt.  Von und mit Prof. Dr. Markus Reitzig, Professor für Unternehmensstrategie an der Universität Wien. Dieser Podcast ist Teil des brand eins Netzwerks.

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Episode 595: Justin and Matthew share five surprisingly common ways people sabotage their finances—and what to do instead. Next, learn how a powerful psychological trap can lead you to double down on bad decisions.

Ready to take a deep dive and learn how to generate personal tax-free cash flow from your corporation? Enroll in our FREE masterclass here and book a call hereAre your investment and business decisions secretly driven by fear of losing money more than the potential to gain?Whether you're chasing high returns through crypto, real estate, or equities—or sitting on too much cash out of caution—this episode unpacks the hidden force influencing every financial decision: loss aversion. Most Canadian investors don't realize how this bias shapes their risk tolerance, stalls their portfolio growth, or leads to missed wealth-building opportunities.In this episode, you'll discover:Why most people demand double the potential gain just to risk a loss—and how that mindset may be sabotaging your growthHow to determine your true risk tolerance along the “growth vs. safety” spectrumA 4-phase framework for building your wealth plan—starting with a safety layer that protects your future while enabling smarter, bolder investmentsReady to stop letting fear of loss hold you back from Canadian financial freedom? Hit play now and learn how to invest with clarity, confidence, and control.Discover which phase of wealth creation you are in. Take our quick assessment and you'll receive a custom wealth-building pathway that matches your phase and learn our CRA compliant tax optimized strategies. Take that assessment here.Canadian Wealth Secrets Show Notes Page:Consider reaching out to Kyle…taking a salary with a goal of stuffing RRSPs;…investing inside your corporation without a passive income tax minimization strategy;…letting a large sum of liquid assets sit in low interest earning savings accounts;…investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,…wondering whether your current corporate wealth management strategy is optimal for your specific situation.Understanding how behavioral economics—particularly loss aversion—shapes your risk tolerance is crucial to designing a smart portfolio strategy that aligns with your goals. Whether you're focused on investment growth, financial diversification in Canada, or building personal wealth, integrating a safety layer into your wealth management plan helps balance emotional and strategic decisions. For Canadian business owners, navigating corporate vs personal investments, salary planning, and investing retained earnings can unlock powerful tax deductible investments and business owner tax savings. Leveraging tools like RRSP matching pReady to connect? Text us your comment including your phone number for a response!Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

In this episode of Nurturing Financial Freedom, we shift focus from the hard numbers and take a deep dive into the psychological side of investing. Specifically, we explore loss aversion—the human tendency to feel the pain of financial loss more intensely than the pleasure of gains. As we've all seen in our work and our own portfolios, emotional reactions to market swings can often lead to irrational decisions. That's where understanding behavioral finance becomes a powerful tool in making smarter financial choices.We start with Ed breaking down the origins of loss aversion, rooted in the research of Kahneman and Tversky. Their work in the 1970s, which led to the development of prospect theory, shows that the average person perceives a $100,000 loss as twice as painful as a $100,000 gain is pleasurable. This cognitive imbalance causes two major pitfalls: people either avoid risk entirely and park money in cash—letting inflation erode value—or they panic-sell during downturns and miss out on rebounds, effectively locking in their losses.Ed walks us through real examples, including the volatility of April 2024, the pandemic crash of 2020, and the 2008 recession. He explains how our amygdala, hardwired to detect threats, doesn't differentiate between a market dip and a life-or-death situation, making our emotional reactions feel justified—even when they're counterproductive.Alex builds on this by offering techniques to manage this psychological bias. First, we need to build a financial plan with a properly diversified portfolio aligned to our specific timeline and goals. He emphasizes reframing our perspective—looking at a portfolio not as a cash balance but as ownership in companies that will likely be around for decades. He shares the analogy of home values: we don't sell our house when its Zestimate dips; likewise, we shouldn't rush to sell stocks when they temporarily fall.Other actionable strategies include pre-committing to actions like rebalancing during downturns, increasing contributions when prices are low, and resisting the urge to act impulsively. He underscores the power of long-term thinking—"expand the graph"—to see that every crash looks like a blip over decades. And finally, he recommends examining past mistakes. Nothing hits home more than seeing the dollars lost from a past panic sale.We close by reaffirming that while we can't guarantee outcomes, we can plan for volatility. The market is emotional in the short term but logical in the long term. With the right mindset and tools, we can better navigate the emotional terrain of investing and avoid letting fear dictate our strategy.Books Mentioned:Thinking Fast and Slow: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555The Undoing Project: A Friendship That Changed Our Minds: https://www.amazon.com/Undoing-Project-Friendship-Changed-Minds/dp/0393354776 You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, and Jon Gay and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. 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Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne PA 19087 and can be reached at 484-395-2190. Any rating is not intended to be an endorsement, or any way indicative of the advisors' abilities to provide investment advice or management. This podcast is intended for informational purposes only.Links are being provided for information purposes only. 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This conversation isn't about interest rates, the property cycle, or strategy. It's about the emotional friction that keeps smart investors from moving forward — even when the plan is clear. "I just need to save a bit more first""I'll wait until the market settles""I'm not quite ready yet" These aren't just personal thoughts — they're a pattern. One we've seen hundreds of times. And it's not a strategy problem. It's not about the data, the plan, or the timing. It's the inner game. In this episode, we dive into why so many smart, capable people stay stuck on the edge of investing — and what actually moves the needle. We unpack the psychology of waiting, the emotional loops that masquerade as logic, and how to break free from a mindset that keeps you on pause. We pull apart: The real reasons smart people stall, even when the strategy is sound The mindset patterns we've seen keep people stuck in planning purgatory How to tell when your 'caution' is actually avoidance A better question than "Should I invest now?" How to start moving — even if you're not 100% sure See you on the inside, WATCH ON YOUTUBE: https://www.youtube.com/live/cHKxGK5O3W4?si=iZZwg7AcDpXlLV57 IMPORTANT: The Investor Lab is for educational purposes only and does not constitute financial advice. Always do your own research and seek independent professional advice before making any investment or financial decisions. -- RESOURCES: Research on The Inner Game: https://docs.google.com/document/d/1yNZWerzhUzNMemAYG_NjMw2lbxpiPyYyEspqRLCFWtU/edit?usp=sharing Loss Aversion: https://thedecisionlab.com/biases/loss-aversion Read: A Practical Guide To Finding Happiness and Living A Deliberate Life - https://blog.goosemcgrath.com/p/practical-guide-finding-happiness-living-deliberate-life Read: Self Actualisation Is The Only Worthy Goal - https://blog.goosemcgrath.com/p/self-actualisation-is-the-only-worthy-goal-d5e2 Byron Katie's "Loving What Is" - https://www.amazon.com.au/Loving-What-Four-Questions-Change/dp/1400045371 Bill Perkins' "Die With Zero" - https://www.amazon.com.au/Die-Zero-Getting-Your-Money/dp/0358099765 Further Reading: Loss Aversion Explained: https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/loss-aversion/ Harvard Business Review on Loss Aversion: https://hbr.org/2018/05/why-people-keep-spending-too-much-on-house-renovations -- Build a roadmap to achieve your goals for FREE on Property Pathfinder: propertypathfinder.io Want help to invest in 2025?Book in a quick chat here and we'll point you in the right direction:bit.ly/3E0wKGa Got a question or some feedback? We're all ears!bit.ly/tilqs Need finance guidance?Chat with the team: dashdotfinance.com.au/discoverycall – Catch Up On Recent Episodes: Trusts & SMSFs: How Advanced Investors Are Rethinking Their Structures in 2025Portfolio Acceleration Masterclass: How To Use Strategic Selling As A Booster How to Create A Property Portfolio Growth Plan The Smartest Plan B for Business Owners? Sean's $464k StoryFinancial Jiu-Jitsu: How to Break Through Your Portfolio's Cashflow ConstraintsWinning the Investment Game: How to Set & Beat Your Hurdle RateFake Gold? Markets Down? Liquidity Up? – What’s REALLY Going On? The RBA Just Changed the Game — Here’s What It Means for YouHold vs Sell: How to Know When to Take ProfitsBitcoin: Why Every Property Investor Needs to Consider Owning ItEverything You Need To Know About Property Investing FinanceProperty Investing In Australia In 2025: What You Need To Know Investment Strategies for 2025 Follow the Money: How Liquidity Drives Asset Prices (and How You Can Benefit) What You Don’t Know About Money Could Cost You Everything – Connect:https://www.dashdot.com.au https://youtube.com/@theinvestorlab https://instagram.com/dashdotproperty https://instagram.com/goosemcgrath https://instagram.com/gabi.billing See omnystudio.com/listener for privacy information.

Yep! Change often feels like swimming upstream against sticky currents. Even if the status quo is a mess, we cling to it like a life raft. Why? Because the familiar feels like less work for our brain, even when it's failing us. In this episode, guest co-hosts Eli and Casey unravel the complex web of emotions and instincts that make embracing change feel like swimming through sticky peanut butter. Inspired by future of work thought leader Ira Wolfe's insights, this deep dive is your ticket to understanding the messy, human side of transformation. Here's what you'll uncover: Our Addiction to Certainty: Our brains are wired to see uncertainty as a threat. Some call this status quo bias. Like survival mode, this triggers a primal response in us. Knowing why change feels unsettling is step one in managing it. Loss Before Gain: Change almost always feels like a loss initially, even if it leads to greater benefits later. It's crucial to acknowledge and address this sense of loss to help people move forward. Culture and Control: The norms and culture of our "tribe" are formidable forces. Ignoring them can lead to resistance. Moreover, people need a sense of control. Ensuring involvement and offering ownership of the change can dramatically reduce pushback. Dive deeper into this episode and let's continue the conversation on how to lead through change effectively and make change work for you.  

How to craft communication that your audience will remember.Why do some messages stick, while others go in one ear and out the other? When it comes to crafting memorable communication, Ada Aka says not all verbiage is created equal. “Certain words are intrinsically more memorable than others,” says Aka, an assistant professor of marketing at Stanford Graduate School of Business. In her research of consumer behavior and decision-making, she's uncovered how language shapes not just our perception of the world, “but how the world stays with us over time." From concrete terms to emotionally charged ones, certain words have more staying power than others, and to communicators who want to capture audiences (and keep them), she says, “Carefully chosen words, they're going to be taking the attention.”In this episode of Think Fast, Talk Smart, Aka joins Matt Abrahams to explore the science of memorable communication. From creating brand slogans that stick to choosing words that align with your message, she reveals how to create communication that won't be forgotten.Episode Reference Links:Ada AkaEp.80 Magic Words: Change What You Say to Inspire and Influence Others Connect:Premium Signup >>>> Think Fast Talk Smart PremiumEmail Questions & Feedback >>> hello@fastersmarter.ioEpisode Transcripts >>> Think Fast Talk Smart WebsiteNewsletter Signup + English Language Learning >>> FasterSmarter.ioThink Fast Talk Smart >>> LinkedIn, Instagram, YouTubeMatt Abrahams >>> LinkedInChapters:(00:00) - Introduction (02:05) - The Power of Words in Memory (03:45) - What Makes Words Memorable? (06:04) - Informal and Conversational Language (07:38) - AI & Memory (09:34) - Memorable Slogans (11:26) - Predicting Memorability: Why We Get It Wrong (13:15) - Framing in Communication (15:24) - Creating Meaningful Interactions (17:34) - The Final Three Questions (22:21) - Conclusion  ********Become a Faster Smarter Supporter by joining TFTS Premium. 

Today, we unpack the book "Predictably Irrational" by Dan Ariely.In this book profile, we explore the fascinating world of behavioral economics, where Dan Ariely reveals how our supposedly rational decisions are actually governed by predictable patterns of irrationality. Charles breaks down key psychological principles that influence our everyday choices, from how relativity affects our satisfaction to why "free" makes us lose our logical thinking abilities.Key topics include:• Relativity and comparison - How we evaluate things based on comparisons rather than absolute value, affecting our satisfaction with purchases and even our salaries• Anchoring and arbitrary coherence - Why the first price we see becomes a mental benchmark that influences all future related decisions• The power of "free" and the distinction between social vs. market norms - How we irrationally respond to free offers and why mixing money with social relationships often backfires• Loss aversion and the paradox of choice - Why parting with possessions feels painful and how too many options lead to decision paralysis• The placebo effect and expectations - How our perceptions shape our reality, from wine tasting to pain reliefPredictably Irrational Book: https://www.amazon.com/Predictably-Irrational-Hidden-Forces-Decisions/dp/006135323X-Website and live online programs: http://ims-online.comBlog: https://blog.ims-online.com/Podcast: https://ims-online.com/podcasts/LinkedIn: https://www.linkedin.com/in/charlesagood/Twitter: https://twitter.com/charlesgood99Chapters: (00:00) Introduction(01:00) How Comparisons Shape Our Decisions (04:00) Technique: Anchoring(07:15) The Magic of "Free" (08:30) Social Norms vs. Market Norms (10:30) Technique: Procrastination and How to Overcome It (12:00) Loss Aversion and the IKEA Effect (13:45) Tip: The Paradox of Choice (15:15) Expectations and How They Shape Our Experience (17:00) The Placebo Effect and Pricing Perception (18:30) Conclusion

This episode explores loss aversion—the idea that we feel the pain of loss more strongly than the pleasure of gain—and how it affects leadership decisions. Learn strategies to overcome risk avoidance, embrace change, and handle setbacks like a strong leader.Host: Paul Falavolito Connect with me on your favorite social media platform. Now on Substack and Discord Free Leadership Resourceswww.paulfalavolito.comExclusive 7 Minute Leadership Merchlinktr.ee/paulfalavolitoBookstore:Get your copy on Amazon: https://bit.ly/48J8zFGGet your copy at Book Baby: https://bit.ly/3P8iFsUFor the best aviator sunglasses on the market, use the link below to get 10% off Flying Eyes. Discount Code: PFAVhttps://flyingeyesoptics.com/eyewear/?ref=2J4duW9yyI3hiwSubscribe and listen to all of my podcast shows:The 7 Minute Leadership Podcast 1 PAPA FOXTROT - General Aviation PodcastThe DailyPfav

This week, we take a look at Last Chance Tourism.Tourism companies around the world have started to advertise specific destinations to travelers, because those locations have a very unique offering.Namely, they are vanishing.From glaciers, to polar bears, to the Amazon Rainforest. Marketers are using a strategy called “Loss Aversion” – where the emotional impact of a loss is felt more intensely than a gain.So people are rushing to these locations, afraid they might miss their last chance to see them. Hosted on Acast. See acast.com/privacy for more information.

Why is it sometimes hard to part with your money, even when it's for something you want? Want to test yourself on how well you can recognize fallacies in real life? Take the Meme Fallacy Quiz! www.filteritthroughabraincell.com/quiz Learn more about Crazy Thinkers membership where you can practice critical thinking using real-life memes, articles & headlines: www.filteritthroughabraincell.com/crazy Here's how you can purchase the Logical Fallacies ebook: https://www.filteritthroughabraincell.com/offers/z6xbAcB2 Send me any questions, comments or even the fallacies you're seeing around you! think@filteritthroughabraincell.com Or, tag me on Instagram: @filteritthroughabraincell Sign up on my email list at: www.filteritthroughabraincell.com/contact Learn more about Summit Student Conferences: www.summit.org/braincell and use code BRAINCELL25 to get $200 off! Learn more about Classical Conversations: www.classicalconversations.com/filterit To take the YouScience Talent Assessment: Website: https://www.wellspentsolutions.com/discoverregistration Get 20% off with discount code FILTERIT20 Thank you to our sponsor, CTC Math! Website: https://www.ctcmath.com/?tr_id=brain Homeschool page: https://www.ctcmath.com/how-it-works/home-school?tr_id=brain Free trail: https://www.ctcmath.com/trial?tr_id=brain Special offer! Get 1/2-off discounts plus bonus 6-months free! https://www.ctcmath.com/purchase/homeschool50?tr_id=BRAIN

Dr. Addison Killeen explores how loss aversion shapes treatment planning decisions. Fear of patient pushback can lead to overly conservative choices or cheaper alternatives, compromising optimal care. Learn how to recognize this tendency and prioritize patient well-being without hesitation. For more information about Dr. Addison Killeen, visit: www.addisonkilleen.com or interact with him on a daily basis at www.DentalSuccessNetwork.com

In deze podcast gaan Hans Janssen en Christ Coolen live in gesprek met Dr. Jonah Berger over een aantal geweldige ideeën uit zijn boeken. In moordend tempo! Je hoort o.a.Waarom overtuigen beter werkt als je niet ‘doorduwt' maar juist ‘hindernissen weghaalt'.Hoe het Endowment Effect zorgt dat mensen niet willen verliezen wat ze al hebbenWelke magische woorden mensen aan jouw kant krijgenEen supersnel en mega interessant gesprek! Dat belooft veel voor de komst van Jonah naar Utrecht voor het seminar Psychologie van het Overtuigen. 

Here is the AI generated discussion of my article, Loss Aversion.  The original article is here:  https://partnersinexcellenceblog.com/loss-aversion/   (opens in a new tab)Enjoy!

The post 312: The Fear Of Weight Gain And Loss Aversion appeared first on Seven Health: Eating Disorder Recovery and Anti Diet Nutritionist.

Episode 151 brings us the October spookies with Halloween upon us. We discuss the presidential election and the fear surrounding the outcome. How will the market react? How should you react? We remind listeners of the cognitive bias called "Loss Aversion," which says we perceive losses as more psychologically damaging than gains of the same size. By a factor of 2 to 1, in fact. Remember this when you see all the political ads trying to keep you glued by informing you of all the horrible things the "other" candidate will do. Our investment thesis for Rivian "$RIVN" is also discussed. Listen, research, and then decide if it could be an investment you'd be interested in. 

When it comes to taking losses, there are actually a lot of different categories here.  One of them is the fear of taking them in the first place.  VP and Robb explore the different ways we talk ourselves out of profitable trades and investments, and you'll hopefully see just how ridiculous it can be when you hear it out loud.   #TradingPsychology   Maverick Links   Click Here To Learn More about Maverick Forex Trading:  URL: https://maverickfx.com/application-3-a/?utm_source=vpyt   Click Here To Learn More about Maverick Currencies: URL: https://maverickcurrencies.com/application-3-a/?utm_source=VPPodPsych   Click Here To Learn More about Maverick Trading's Stock/Options Division: URL: https://mavericktrading.com/application-3-a/?utm_source=VPPodPsych   Maverick Trading YouTube Channel: https://www.youtube.com/@mavericktrading   Robb's Flat Earth Trading Society https://www.youtube.com/@FlatEarthTradingSociety       No Nonsense Forex Links   VP's Trading Psychology Book https://nononsenseforex.com/forex-psychology-book/   Recommended Crypto Trading Platform (Bonus and Contest Eligibility) - https://nononsenseforex.com/cryptocurrencies/best-crypto-trading-platform/   Blueberry Markets Blog (Top FX Broker) - https://nononsenseforex.com/uncategorized/blueberry-markets-review-my-top-broker-for-2019/   Follow VP on Twitter https://twitter.com/This_Is_VP4X   The hosts of this podcast are not licensed financial advisors, and nothing heard on this podcast should be taken as financial advice.  Do your own research and understand all financial decisions and the results therein are yours and yours alone.  The host is not responsible for the actions of their sponsors and/or affiliates.  Conversely, views expressed on this podcast are that of the host only and may not reflect the views of any companies mentioned. Trading anything involves risk.  Losses can exceed deposits.  

The inner workings of social influence and persuasion.Want to change someone's mind? First, explains Robert Cialdini, you have to change their framing.For Cialdini, the Regent's Professor Emeritus of Psychology and Marketing at Arizona State University, persuasion begins before we even deliver our pitch or presentation. Through what he calls “Pre-suasion,” communicators can prime audiences to receive messages in a specific way, simply by drawing their attention in specific directions. “It involves focusing people on—putting them in mind of—those motivators before they encounter [them] in the communicator's message,” Cialdini says, “bringing people's focus of attention onto something that is nested in the message…before that message is delivered, so they have been readied for the concept.”In this episode, Matt Abrahams and Cialdini talk about the motivating power of FOMO, getting better advice from others, and how your next wine purchase could be influenced by what music is playing in the shop.Episode Reference Links:Robert CialdiniRobert's books: Influence / Pre-SuasionEp.11 The Science of Influence: How to Persuade Others And Hold Their AttentionEp.142 Power and Persuasion: Live Insights from Stanford Experts Original Episode: Ep.76 Change My Mind: Using “Pre-suasion” to Influence Others Connect:Email Questions & Feedback >>> hello@fastersmarter.ioEpisode Transcripts >>> Think Fast Talk Smart WebsiteNewsletter Signup + English Language Learning >>> FasterSmarter.ioThink Fast Talk Smart >>> LinkedIn, Instagram, YouTubeMatt Abrahams >>> LinkedInChapters:(00:00:00) IntroductionMatt Abrahams introduces Robert Cialdini, the Regents Professor Emeritus of Psychology and Marketing at Arizona State University(00:01:56) Persuasion and Pre-suasionDistinguishing persuasion and pre-suasion, with focus on attention and motivation.(00:05:17) Priming and Framing in Pre-suasionThe power of pre-suasion and its cognitive effects on decision-making.(00:07:58) Understanding ScarcityHow scarcity influences behavior and decision-making through fear of loss.(00:10:48) The Unity PrincipleThe unity principle and its role in building connection in persuasive efforts.(00:14:04) Social Proof and InfluenceResearch on social proof  and how others' actions influence individual choices.(00:19:24) The Role of Language in PersuasionThe impact of subtle language shifts on collaboration and critique.(00:22:23) The Final Three QuestionsRobert shares communication advice, a communicator he admires, and his recipe for successful communication.(00:26:49) Conclusion (00:00) - Introduction (02:40) - Persuasion and Pre-suasion (06:01) - Priming and Framing in Pre-suasion (08:42) - Understanding Scarcity (11:32) - The Unity Principle (14:48) - Social Proof and Influence (20:08) - The Role of Language in Persuasion (23:07) - The Final Three Questions (27:33) - Conclusion

Three Key Actions for Financial Freedom:    1. Clarify Your Vision: Define what financial freedom and a life by design mean to you.2. Daily Check-In: Ask yourself if you're closer to your vision today than you were yesterday. 3. One Action a Day: Identify one thing you can do each day to move closer to your vision. The Art of Simplifying[00:02:48] We're all conditioned to add more, to build bigger as a business owner, to scale faster, to add more team members. But sometimes the solution actually lies in subtracting and taking things away. [00:28:09] Start keeping a stop doing list and just start putting some things on there that you know you don't want to do anymore. Maybe you don't know how to stop doing them yet, but you can start strategizing about how to get them off your list. [00:38:09] Nobody goes from zero to financial freedom like that. Everybody does it step by step by step. And the more that you do it, the bigger those steps will get, that you'll be able to make bigger strides faster because you'll have that momentum behind you. Mentioned in this episode: Subtract: The Untapped Science of Less, by Leidy Klotz: https://www.amazon.com/Subtract-Untapped-Science-Leidy-Klotz/dp/1250249864  WANT TO LEARN MORE ABOUT INVESTING? If you're new to passive real estate investing, our FREE 7-day email course is perfect for you. It was designed to teach you all the basics to help you confidently begin your passive investing journey and achieve the financial freedom and lifestyle of your dreams.  CONNECT WITH USIf you have done any of these actionable exercises, tell us how it went by sending an email to podcast@goodegginvestments.com. Connect with GoodeggWebsite - https://goodegginvestments.com/YouTube - @GoodegginvestmentsInstagram - @goodegginvestments 

We humans are so complex and paradoxical. On the one hand, we experience loss with such greater emotional intensity compared to gains. On the other hand, we are not driven to prevent loss by nature, but instead are driven toward “better” and “more.” I talk through this paradox here, which I hope you find to be useful. Thanks for listening. As always, Much Love ❤️ and please take care. --- Support this podcast: https://podcasters.spotify.com/pod/show/matt-best/support

I'm so excited for this topic, because today we're looking at Cognitive Biases.This is how our brains can trick us into certain beliefs and behaviours. Learn about things like the Sunk Cost Fallacy, Loss Aversion,  Confirmation Bias, and more!We'll be talking about examples of how these things can affect our views and beliefs, as well as how you can use these to become better English learners.Share your views and comments on the show notes page below! If I get good feedback, I'd love to make a Part 2 in the future. Show notes page - https://levelupenglish.school/podcast281Sign Up for Free Lessons - https://www.levelupenglish.school/#freelessonsJoin Level Up English - https://courses.levelupenglish.schoolBy becoming a member, you can access all podcast transcripts, listen to the private podcast and join live lessons and courses on the website.

In Episode 407 of The Brainy Business podcast, Mindy Weinstein, the author of The Power of Scarcity and CEO of Market MindShift, joins host Melina Palmer to discuss the psychological impact of scarcity on consumer behavior. Mindy's expertise in scarcity tactics stems from her Ph.D. program and extensive market insights. Throughout the episode, Mindy explains the primal influence of scarcity on human behavior, identifying four types of scarcity: supply-related, demand-related, time-related, and limited edition.  She emphasizes the importance of honest and transparent scarcity in marketing and shares practical case studies that illustrate the effectiveness of scarcity in driving consumer action. The engaging conversation between Mindy and Melina provides actionable insights into leveraging scarcity in marketing strategies and highlights the ethical considerations in deploying scarcity tactics. This episode is essential listening for entrepreneurs and small business owners seeking to create urgency, drive sales, and build customer engagement and loyalty through authentic scarcity tactics. In this episode: Implementing transparent scarcity tactics can drive sales and create urgency in your business strategy. Understanding the psychological impact of scarcity on consumers can give you a competitive edge in the market. Leveraging different types of scarcity in marketing can help you stand out and capture your audience's attention. Creating urgency with scarcity tactics can lead to increased customer engagement and loyalty. Exploring the connection between scarcity and customer loyalty can provide valuable insights for your business growth. Show Notes: 00:00:00 - Introduction In the introduction, Melina celebrates the six-year anniversary of The Brainy Business podcast and the 407th episode. 00:06:12 - Types of Scarcity Mindy discusses the four types of scarcity: supply-related, demand-related, time-related, and limited edition. She explains how these types of scarcity influence human behavior and decision-making. 00:08:08 - Scarcity and Social Proof The conversation delves into the connection between scarcity and social proof. Mindy shares a case study about Melinda Maria jewelry to illustrate how scarcity and social proof influence consumer behavior. 00:11:44 - Testing Scarcity Strategies Melina emphasizes the importance of testing different scarcity strategies without the need for a large budget. The discussion highlights the power of testing simple word changes and reframing to leverage scarcity effectively. 00:12:30 - Case Study: Movie Ticketing App Mindy shares a case study about a movie ticketing app that successfully used scarcity messaging to drive sales. The app's use of the phrase "good tickets selling fast" illustrates the impact of scarcity messaging on consumer behavior. 00:14:14 - Understanding the Power of Scarcity Mindy and Melina discuss the concept of scarcity and how it affects consumer behavior. They delve into the importance of using scarcity language in marketing and how it can significantly impact sales. 00:15:07 - The Impact of Scarcity on Sales Mindy shares a case study where implementing the phrase "good tickets selling fast" increased Saturday morning movie sales by 33%. This demonstrated the power of using scarcity language to drive consumer behavior and increase sales. 00:16:46 - Understanding Consumer Behavior Melina and Mindy emphasize the importance of understanding what truly motivates consumer behavior. They discuss the significance of testing and incorporating scarcity language in marketing to drive action and engagement. 00:21:33 - Building Loyalty and Community Mindy highlights the counterintuitive aspect of scarcity, where it can actually build loyalty and a sense of community among consumers. They discuss how exclusivity and limited supply can create a sense of belonging and excitement among consumers. 00:25:57 - Applying Scarcity to Services Mindy explains how scarcity can also apply to service-based businesses, such as consultancy and software. She discusses the importance of quantifying scarcity, using exclusivity, and creating special opportunities to drive engagement and interest in services. 00:26:59 - Leveraging Scarcity for Client Management Mindy discusses how scarcity can be leveraged for client management, emphasizing the value of showing scarcity to potential customers to demonstrate value and urgency. 00:30:01 - Leveraging Scarcity within an Organization Mindy explains how scarcity can be utilized within an organization, particularly in market research teams, to quantify available time and resources, leading to reprioritization and potentially hiring more staff. 00:31:38 - Overcoming Decision Paralysis with Scarcity Melina and Mindy delve into the impact of scarcity on decision-making, highlighting how scarcity can help overcome decision paralysis and drive faster decision-making, ultimately saving time and budget. 00:33:58 - Tying Scarcity with Return Policies The conversation shifts to the importance of tying scarcity with return policies and satisfaction guarantees, using Costco as an example of how scarcity can drive consumer behavior and satisfaction. 00:38:39 - Proactive Customer Service and Community Building Mindy shares a case study of how proactive customer service and community building helped a company maintain customer satisfaction and positive sentiment, showcasing the impact of scarcity in building anticipation and excitement. 00:39:28 - Understanding Scarcity and Its Types Mindy explains the four main types of scarcity: limited supply, demand related, time related, and limited edition. She recommends starting with supply related scarcity, emphasizing its versatility for all businesses. 00:40:30 - Last Tip: Try It Mindy's final tip is to try implementing scarcity. She emphasizes the psychological depth of scarcity and encourages businesses to experiment with it to see results. 00:41:21 - Next Steps and Resources Mindy directs listeners to powerofscarcity.com to order her book and download a free cheat sheet about scarcity. She also suggests connecting on LinkedIn for more information. 00:42:25 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Mindy: Mindy's Website Mindy on LinkedIn Mindy on X Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode: The Power of Scarcity, by Mindy Weinstein The Truth About Pricing, by Melina Palmer Influence, by Robert Cialdini Blindsight, by Matt Johnson and Prince Ghuman Outthink. Outperform., by Roger Hurni Top Recommended Next Episode: Mindy Weinstein Interview (ep 271) Already Heard That One? Try These:  Social Proof (ep 87) Scarcity (ep 270) Loss Aversion (ep 316) Quality Vs Value (ep 357) The Science of Time Pressure (ep 366) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter

The MultifamilyCollective is supported by Multifamily Media Network (MMN) Ever wonder why the fear of loss often outweighs the potential for gain? Today, Mike Brewer dives into the psychology behind this phenomenon and its implications for multifamily marketers and business negotiators. Learn how leveraging loss aversion and pleasure principles can transform your approach to sales and marketing. Key Takeaways: 1. Understanding Loss Aversion: Discover how fear-based messaging can resonate deeply with potential clients. Mike explains how highlighting potential losses, like missing out on a dream apartment, can be a powerful motivator. 2. Crafting Compelling Ad Copy: Get practical tips on phrasing ad copy to tap into these deep-seated fears. Questions like "How would you feel if you lost this apartment?" can prompt immediate action. 3. Emphasizing Pleasure: Learn how to balance fear with pleasure-based appeals. Mike shares techniques for making clients envision the joy and satisfaction of securing their desired living space. Don't miss out on these insights that can elevate your marketing strategy and boost your sales conversions. If you found this video helpful, please like, comment, and subscribe for expert advice on multifamily and PropTech innovations! Multifamily, PropTech, Marketing, Sales, Loss Aversion, Pleasure Principle, Real Estate, Negotiation, Ad Copy, Sales Conversion, Business Strategy, Apartment Leasing, Customer Psychology, Marketing Strategy, Leadership #Multifamily #PropTech #MarketingTips #SalesStrategies #Leadership #LossAversion #PleasurePrinciple #RealEstateMarketing #mikebrewer #multifamilycollective #multifamilymentoring #multifamilycoaching #multifamilypodcast #leadership #OpenAi #multifamilymedianetwork --- Send in a voice message: https://podcasters.spotify.com/pod/show/mike-brewer/message Support this podcast: https://podcasters.spotify.com/pod/show/mike-brewer/support

Regarding Customer Experiences and the behavioral sciences, there is seldom only one thing happening at a time. There are usually a lot of things happening at once. This masterclass episode, the fifth in a series of eight, explores economic biases and how they create flaws in our decision-making logic.    For example, one key bias discussed is the Sunken Cost Fallacy, where people need help to walk away from investments, leading to subsequent mistakes. Loss Aversion is another bias explored, highlighting how we feel losses more acutely than gains. This bias influences behaviors like resisting salary reductions and preferring to face a potential layoff (where one would lose all their salary) because we can't imagine losing any part of our present income.   The Endowment Effect, stemming from Loss Aversion, emphasizes how we overvalue items we perceive as our own, leading to decisions like overpricing sentimental possessions. It's why grad students can't bear to part with their gift in exchange for a gift of equal value. It's also why economist Richard Thaler, University of Chicago, can now add “Nobel-prize-winning economist” in his bio. Ultimately, these economic biases reveal that people aren't always logical, and irrational factors often influence our decision-making processes. In this episode, we discuss why and what you can do about it in your experience design.    In this episode, you will also learn the following:   Strategies for recognizing and navigating economic biases in customer experience management. Examples of how these biases manifest in everyday situations, such as purchasing decisions and salary negotiations. The importance of understanding irrational decision-making in designing effective customer experiences. Practical steps for leveraging insights from economic biases to enhance customer interactions and outcomes.  

In episode 402 of The Brainy Business podcast, Annie Duke, a former professional poker player and author of the book Quit, joins host Melina Palmer to discuss the psychology of quitting and decision-making under uncertainty. Annie's transition from an academic to a professional poker player and her subsequent work in decision science provide a unique and valuable perspective on the topic. Throughout the conversation, Annie challenges traditional perceptions of quitting and emphasizes its crucial role in winning and strategic decision-making.  She introduces concepts such as pre-mortems and the mental model of monkeys and pedestals, offering practical tools and frameworks for making better decisions. The episode provides valuable insights into reframing the mindset around quitting, the importance of understanding when to quit, and the potential impact of decision education in various domains. Annie Duke's diverse background and expertise in decision science make this episode a must-listen for entrepreneurs and business owners seeking to enhance their strategic decision-making skills and achieve increased business success. In this episode: Discover the strategic benefits of quitting in business to unlock new opportunities and growth potential. Implement behavioral economics in your business to enhance decision-making and drive better outcomes. Learn how to strategically identify when to quit for long-term business success and resilience. Explore the Monkeys and Pedestals decision-making model for insightful strategies to improve decision-making processes. Overcome analysis paralysis and make decisive, effective decisions to propel your business forward. Show Notes: 00:00:00 - Introduction The episode introduces Annie Duke and her book Quit about the psychology of quitting and decision-making. 00:01:15 - The Importance of Quitting Annie explains how winners often say no and quit things to succeed, emphasizing the need to know what to stick with, what to quit, and when. 00:04:47 - Annie's Background and Transition Annie shares her journey from academia to professional poker and behavioral psychology, highlighting how her poker career led her back to her cognitive science roots. 00:08:40 - The Power of Diverse Perspectives Annie discusses the value of diverse experiences in decision-making and problem-solving, emphasizing the importance of different frames of thinking to bring unique insights to the table. 00:12:05 - The Pre Mortem Skepticism Annie shares her research on pre-mortems, expressing skepticism about their effectiveness as standalone decision tools and the need to combine them with other strategies for improving decision quality. 00:14:18 - Normalize Dissent and Prospective Hindsight Daniel Kahneman's advice on normalizing dissent allows for consideration of both good and bad outcomes. Prospective hindsight can generate 30% more reasons for failure or success. 00:15:19 - Pre Parade and Pre Mortem Tools Pre-mortem exercises influence confidence and introduce self-serving bias. The pre parade increases overconfidence, while the pre-mortem leads to attributing bad outcomes to external factors. 00:18:43 - Challenges in Behavior Change Difficulty in getting people to change plans despite pre-mortem insights. Anecdotal observations and studies show resistance to plan modifications across various domains, raising questions about the effectiveness of the exercise. 00:19:55 - Group Dynamics and Real-world Impact Need for group testing of pre-mortems to understand the impact of group dynamics. Potential for behavior change in high-stakes environments like work projects. Studies underway to explore these aspects in real-world scenarios. 00:22:23 - Thinking in Bets and How to Decide Annie's books Thinking in Bets and How to Decide explore decision-making under uncertainty. They provide practical tools and insights, such as pre-mortems, to improve decision accuracy and overcome cognitive biases. 00:27:11 - The Impact of Hindsight Bias Annie discusses how most of the time, we learn new things after the fact and act like we should have known them beforehand. She highlights the importance of tracking knowledge and listening to independent opinions to avoid biases. 00:27:52 - Overcoming Analysis Paralysis Annie explains the process of decision-making and the importance of making implicit factors explicit. She emphasizes the need to consider the consequences of decisions and the ability to change your mind later. 00:32:38 - The Value of Quitting Annie challenges the negative perception of quitting and emphasizes its value in decision-making. She shares insights from experts and individuals, highlighting the benefits of exercising the option to quit. 00:35:32 - Conversations with Experts Annie shares her conversations with influential figures like Michael Mobison, Daniel Kahneman, Richard Thaler, and others. These discussions inspired her to explore the topic of quitting further, leading to the creation of her book. 00:40:52 - The California Bullet Train Annie uses the example of the California bullet train project to illustrate the challenges of large-scale decision-making and the importance of considering all factors before committing to a course of action. 00:41:35 - The California Bullet Train Project Annie discusses the challenges faced by the California bullet train project due to the Diablo and Tehachapi mountain ranges. The budget explosion and the decision to continue building without addressing the engineering challenges are highlighted. 00:43:02 - Re-evaluation of the Project Gavin Newsom's decision to reevaluate the California bullet train project in 2018 is discussed. The project's failure to address the engineering problems of the mountain ranges and the budget increase to $110 billion are emphasized. 00:44:44 - Monkeys and Pedestals Framework Annie introduces the "Monkeys and Pedestals" framework, which emphasizes tackling the hard problems first before building pedestals. The concept of pre-mortems and setting kill criteria to identify and address project challenges is explained. 00:50:55 - Behavior Change and Future Planning The importance of behavior change in addressing project challenges and the application of pre-mortems and setting kill criteria to identify crucial information are discussed. The significance of identifying the "monkeys" before building "pedestals" is emphasized. 00:54:06 - Tackling Low Hanging Fruit The reverse approach to tackling projects, focusing on solving hard problems before addressing easy tasks, is highlighted. The importance of prioritizing crucial information and being smarter about project approach is emphasized. 00:54:54 - The Importance of Solving Hard Problems First Annie emphasizes the need to focus on solving the hard problem first before building pedestals. She highlights the concept of working on the greatest bike shed instead of the nuclear plant, as well as the law of triviality. 00:55:37 - The Pitfalls of Wasteful Thinking Annie discusses how people often fail to think ahead and waste time and resources on backward thinking. She emphasizes the importance of evaluating the worth of the next minute and dollar, shifting mindset from past to future. 00:56:24 - The Key to Success and Grit Annie explains that winners quit a lot, but they do it to focus on the right things. Grit is important, but only when applied to the right endeavors. She also touches on forced quitting and exploring new opportunities. 00:57:25 - The Importance of Flexibility and Agility Annie highlights the significance of being flexible and open to switching course if the current endeavor is not worthwhile. Winners sample a lot of things and settle on the right course of action, even if they don't know what they are switching to. 01:00:28 _  Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Annie: ANNIE'S WEBSITE ANNIE ON TWITTER ANNIE ON LINKEDIN Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode: Quit, by Annie Duke Subtract, by Leidy Klotz How to Decide, by Annie Duke Thinking in Bets, by Annie Duke Playing with Reality, by Kelly Clancy Top Recommended Next Episode: Game Theory (ep 228) Already Heard That One? Try These:  Matthew Confer Interview (ep 158) Counterfactual Thinking (ep 286) Framing (ep 296) Loss Aversion (ep 316) Status Quo Bias (ep 376) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter A Slight Change of Plans Podcast with Maya Shankar Annie's Newsletter

When you're facing loss—say, in a board game or during a sporting event or with a declining stock—it can be difficult to remember your true tolerance for risk. You're likely to seek risk more than you normally would.In this episode of Choiceology with Katy Milkman, we look at a tendency to seek risk in the face of losses when those losses aren't yet finalized, but how chalking up those losses and moving on can actually help you recalibrate your appetite for risk.During the American Revolutionary War, George Washington and his generals often adopted a strategy of retreating, or accepting losses on the battlefield, in order to regroup and live to fight another day. Their strategy was often successful against the British, who burned through men and equipment as they doubled down in their desire to win individual battles at the expense of their goal of regaining control of the American colonies.Mary Stockwell is a historian, writer, and former history professor at Lourdes University in Ohio. Her work is focused on the American Revolution. Her recent book is titled Unlikely General: "Mad" Anthony Wayne and the Battle for America.Next, Katy speaks with Alex Imas about his research on risk-taking over time and how mental choice bracketing impacts our decisions in the face of loss. You can learn more in Alex's paper titled "The Realization Effect: Risk-Taking after Realized Versus Paper Losses." Alex Imas is a professor of behavioral science and economics at the University of Chicago Booth School of Business.Choiceology is an original podcast from Charles Schwab.If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal.The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.(0624-4MRP)

Learn how to control your behavioral economics biases and whether it's ever worth it to use a credit repair service. 00:58 Behavioral Economics Biases: How can you master the psychology behind your financial decisions? Are credit repair services really worth the investment? Hosts Sean Pyles and Sara Rathner discuss behavioral finance biases to help you understand the psychological factors that influence your financial choices, including loss aversion, framing, and the gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances. They share tips and tricks on matching investments with your time frame and risk tolerance, resisting the influence of framing on your choices, and avoiding frequent checks on market fluctuations.  10:14 Today's Money Question: NerdWallet credit writer Amanda Barroso joins Sean and Sara to answer a listener's question about credit repair services. They explain the purpose and costs of credit repair services, the red flags that indicate a scam, and how you can manage your credit yourself effectively for free. They also tackle the pressing question of whether credit repair services can actually improve your credit score. Their conversation explains strategies for DIY credit repair, the importance of identifying and disputing inaccuracies on credit reports, and the role of credit counseling agencies for personalized financial planning. In their conversation, the Nerds discuss: financial psychology, credit repair services, behavioral finance, credit score, credit health, financial decisions, investment strategies, credit bureaus, credit report, risk tolerance, financial goals, money management, credit repair companies, credit repair scams, Daniel Kahneman, loss aversion, credit improvement, credit counseling, credit repair costs, DIY credit repair, financial biases, credit repair tips, financial success, wealth management, behavioral biases, credit report disputes, credit repair agencies, framing effect, credit utilization, portfolio performance, negative information credit, financial planning, and managing credit. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

In this episode of Choiceology with Katy Milkman, we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk.Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but there are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But as you'll hear from the story, there are other factors that influenced his decision.Katy illustrates these factors with a version of a famous experiment. Volunteers are presented with two differently worded but mathematically identical scenarios. A simple shift from framing the scenario as a potential gain to one of potential loss results in starkly different choices from the volunteers.Next, Katy speaks with special guest Daniel Kahneman about the underlying theory that explains human behavior in these types of situations. Daniel Kahneman served as professor of psychology and public affairs emeritus at the Woodrow Wilson School and the Eugene Higgins Professor of Psychology Emeritus at Princeton University. He was awarded the 2002 Nobel Prize in Economics for his pioneering research with Amos Tversky. Their work helped establish the field of behavioral economics. Kahneman also wrote the bestselling book Thinking, Fast and Slow.Finally, Katy speaks with Colin Camerer about some of his favorite studies on risk seeking in the domain of losses, as well as practical approaches for avoiding this less-than-ideal behavior. Colin Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can read his paper “Prospect Theory in the Wild: Evidence from the Field” here.Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.(0424-VAX6)

In this episode of The Brainy Business podcast, host Melina Palmer delves into the concept of the IKEA effect, highlighting its influence on consumer behavior and business strategies. Drawing from real-life examples, Palmer emphasizes the significance of recognizing and celebrating employees' contributions in fostering a culture of innovation and engagement. By involving employees in development and change initiatives, businesses can tap into the innate need for ownership and connection.  The episode also underscores the importance of understanding human psychology and behavior as crucial elements in driving successful business outcomes. With valuable insights into leveraging the IKEA effect to optimize business strategies and enhance customer connections, the episode is a must-listen for business leaders and managers seeking to increase employee engagement and innovation. In this episode: Understand the psychological impact of the IKEA effect on consumer behavior and decision-making processes. Leverage consumer effort and engagement to drive business success. Explore the impact of perceived value on pricing strategies and consumer perception. Increase employee engagement and intrinsic motivation for enhanced productivity and innovation. Harness human psychology to drive business growth and success. Show Notes: 00:00:00 - Introduction Melina introduces the concept of the Ikea effect and its relevance in understanding consumer behavior. She explains how people value items they have built themselves more than those built by others. 00:03:43 - Understanding the Ikea Effect Melina delves into the difference between the Ikea effect and the endowment effect. She discusses studies on origami building and how individuals place higher value on their own creations, regardless of expertise. 00:09:15 - The Effort Heuristic The episode explores the concept of the effort heuristic, where people associate effort with quality, even when they are not the ones putting in the effort. Examples from research studies on art and poetry illustrate this phenomenon. 00:13:26 - Ambiguity and Effort Perception Melina discusses how perceived effort influences the valuation of ambiguous quality. Studies on medieval suits of armor reveal how the perception of effort impacts the perceived quality and value of an item, even when its quality is not easily determined. 00:16:35 - The Effort Heuristic and the IKEA Effect The discussion explores the relationship between the effort heuristic and the IKEA effect, highlighting how people value things higher when they put effort into them. 00:18:04 - Billing by the Hour The conversation delves into the challenges of billing by the hour and how it may reduce the perceived effort and value of a project, leading to misconceptions about the time and expertise required. 00:19:52 - Valuing Time and Talent The story of the engineer's minimal intervention with the cruise ship's engine illustrates the hidden time and talent that goes into certain tasks, emphasizing the need to recognize and justify the value of expertise and effort. 00:22:26 - Effort and Value Perception The discussion explores the concept of effort and value perception, citing examples of how human behavior and preferences are influenced by the perceived level of effort required for a task or product, such as with instant cake mix and build-a-bear workshops. 00:26:39 - Leveraging the IKEA Effect The conversation emphasizes the potential uses of the IKEA effect in product businesses, change management, and team dynamics, highlighting the importance of providing guidance and opportunities for creative input to enhance customer satisfaction and value perception. 00:31:45 - The Importance of Employee Feedback and Recognition Employee feedback and recognition play a crucial role in motivating employees. Celebrating employees' ideas, aligning incentives, and acknowledging their contributions can foster a culture of change and increase employee buy-in. 00:32:20 - The Power of Incentives and Social Proof Aligning incentives with the Ikea effect and using social proof can encourage employees to actively participate in change initiatives. Monetary incentives are not as effective as public recognition and acknowledgment. 00:33:19 - The Psychological Impact of the Ikea Effect The Ikea effect goes beyond marketing and change initiatives. It reflects human nature and the desire to feel connected and invested. Involving customers and employees in the creation and development process can lead to a strong sense of ownership. 00:34:09 - Human Behavior in the Age of AI Despite the increasing integration of AI and machine learning, human behavior remains essential. Businesses need to tap into the Ikea effect and other psychological concepts to enhance effectiveness and foster a sense of connection and investment. 00:35:25 -  Conclusion Melina's top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode:  Let's Talk, by Therese Huston The Ritual Effect, by Michael Norton What Your Employees Need and Can't Tell You, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer Happy Money, by Michael Norton   Top Recommended Next Episode: Endowment Effect (ep 139) Already Heard That One? Try These:  Inequity Aversion (ep 224) Confirmation Bias (ep 260) Focusing Illusion (ep 330) Change Management (ep 226) Loss Aversion (ep 316) Nick Hobson Interview (ep 161) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter The Effort Heuristic When and How Does Labor Lead to Love? The Ontogeny and Mechanisms of the IKEA Effect The IKEA Effect: When Labor Leads to Love The IKEA Effect. A Conceptual Replication Anomalies The Endowment  Effect, Loss Aversion, and Status Quo Bias Little Red Wrench story from Nikki Rausch

Loss aversion is in the news. Ben riffs. Former Governor Pat Quinn talks about his proposal to ask Chicago voters if they want to fork over billions in tax dollars to the Sox and Bears. Speaking of losses you'll want to avert. Pat also answers the “Frank question” and admits that Ben was right and he was wrong about Mayor Daley's Olympics. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode of The Brainy Business podcast, Melina Palmer dives into the fascinating world of status quo bias. She delves into how our brains are wired to stick to what's familiar and how that impacts our decision-making. Melina talks about how our subconscious, or system one, is responsible for processing a whopping 99% of our decisions, and how it relies on biases and heuristics to navigate through the daily information overload.  From choosing familiar routes to work to hesitating to leave a job for something new, she walks through how status quo bias shows up in various aspects of our lives. Melina even shares a thought-provoking scenario about an experience machine that offers endless pleasure but detaches you from reality, and how our tendency to favor the familiar can be surprising. If you're into change management and want to enhance your decision-making strategies, this episode is a goldmine. Melina's insights are not just thought-provoking, but also offer practical ways to challenge the status quo and embrace change in both personal and professional spheres. In this episode: Uncover the impact of status quo bias on decision-making and how to mitigate its effects. Explore the psychology behind reluctance towards change and how to foster a culture of adaptability within organizations. Examine the influence of familiarity over authenticity and its significance in decision-making processes. Implement proven strategies for effective change management to drive organizational success. Harness the power of bias to enhance customer retention and loyalty through strategic decision-making. Show Notes: 00:00:00 - Introduction Melina introduces the concept of status quo bias and its impact on decision-making, highlighting its significance in understanding consumer behavior and business strategy. 00:05:40 - The Influence of Change The discussion delves into the subconscious's strong preference for predictability and the fear of the unknown, leading to resistance towards change, even in the face of potential benefits. 00:09:19 - The Experience Machine Thought Experiment The thought experiment by Robert Nozick and its variant, presented by Felipe de Brigard, illustrate the powerful influence of status quo bias on decision-making, as demonstrated by participants' preferences for familiarity over reality. 00:12:58 - Embracing Change Embracing the feeling of fear and uncertainty when embarking on something new is highlighted as a positive sign, indicating growth and the potential for a new, beneficial status quo. 00:14:30 - Lessons from the Pandemic The pandemic-induced shift in status quo bias is discussed, emphasizing the need for businesses to adapt and communicate effectively to facilitate organizational change and embrace new norms. 00:16:33 - Change Management and Internal Communication Melina teaches a class on change management and internal communication at Texas A&M, offering insights on applying behavioral economics concepts to big changes. She emphasizes working with biases to minimize their impact when presenting change. 00:17:02 - Importance of Timing in Change Presentation Melina discusses the impact of stress and overwhelm on people's resistance to change. It's crucial to be thoughtful and considerate of the circumstances before presenting a significant change, waiting for a better time or reducing stress can make a big difference. 00:18:46 - Influence of Status Quo Bias on Customers Status quo bias affects existing customers' inclination to stick with a brand. Melina highlights the need to consider the context of the customer relationship when presenting information and communicating changes. 00:19:27 - Framing Messages for Existing Customers Melina emphasizes the importance of framing messages to reinforce the customer's natural propensity for status quo bias. The way a message is framed can significantly impact retention rates and influence a customer's decision to renew or switch. 00:20:28 -  Conclusion Melina's top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode: Good Habits, Bad Habits, by Wendy Wood What Your Employees Need and Can't Tell You, by Melina Palmer What Your Customer Wants and Can't Tell You, by Melina Palmer The Truth About Pricing, by Melina Palmer Atomic Habits, by James Clear   Top Recommended Next Episode: Bikeshedding (ep 99) Already Heard That One? Try These:  Endowment Effect (ep 139) Loss Aversion (ep 316) Framing (ep 296) Change Management (ep 226) Habits (ep 256) The Power of Habit (ep 368) Wendy Wood Interview (ep 127) Optimism Bias (ep 34) Time Discounting (ep 328) Planning Fallacy (ep 346) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias Status Quo Bias in Decision Making What is Status Quo Bias in Sales and Marketing? How Powerful Is Status Quo Bias?

In this episode of The Brainy Business podcast, Sam Tatum, the leader of Ogilvy's behavioral science team, shares insights from his book, Evolutionary Ideas, and its application in problem-solving. Sam's background as an organizational psychologist and his transition into advertising strategy equips him with a unique perspective on the intersection of behavioral science and business.  His book emphasizes gaining insights from nature to drive innovative solutions in business, drawing parallels between the natural world and applied behavioral science. He highlights the significance of long-term thinking, alternative options, and the potential impact of small ideas in problem-solving. By exploring shared solutions and learning from diverse fields, such as biology and engineering, Sam advocates for a practical and creative application of behavioral science. This episode offers valuable insights for business professionals and entrepreneurs seeking innovative problem-solving approaches based on behavioral science principles. In this episode, you will: Apply behavioral science to enhance problem-solving and innovation in business. Understand the power of reciprocity in shaping human behavior. Explore the pivotal role of language in influencing perception and decision-making. Embrace shared solutions as a strategic approach to effective problem-solving. Implement practical problem-solving approaches rooted in behavioral science. Show Notes: 00:00:00 - Introduction, Melina introduces the podcast episode and guest, Sam Tatum, and discusses the focus on evolutionary ideas and how nature can provide insights for solving business problems. 00:07:29 - Nudgestock Pivot Sam discusses the decision to pivot Nudgestock to a virtual event in 2020 due to the pandemic and the success of the event, as well as the long-term impact and growth of the event. 00:11:32 - Evolutionary Ideas Book Inspiration Sam shares the inspiration behind his book, Evolutionary Ideas, including his keynote talk and the concept of borrowing from the natural world to solve human challenges, as seen in biomimicry. 00:14:30 - Biomimicry and Applied Behavioral Science Sam explains the concept of biomimicry and how it can be used to explore the realm of possibility in applied behavioral science, drawing parallels between adapted solutions in nature and adapted psychological solutions for human challenges. 00:16:06 - Reciprocity and Adaptation Sam discusses the concept of reciprocity and adaptation by using the example of vampire bats. He emphasizes the importance of understanding and appreciating these behaviors on a continuum, highlighting their positive role in survival. 00:17:18 - Trust and Solutions Sam delves into the role of trust in social well-being and its connection to reciprocity. He explores the idea that understanding concrete concepts, such as the behavior of vampire bats, can pave the way for identifying psychological solutions. 00:19:25 - Language and Perception The conversation shifts to the power of language in shaping perception and categorization of concepts. Sam highlights the significance of having a rich vernacular to diagnose and apply solutions systematically, drawing parallels with the concept of asymmetric decoy. 00:21:44 - Shared Solutions and Innovation Sam discusses the shared nature of problems and solutions, emphasizing the evolutionary and adaptive processes that have led to the emergence of common patterns of solutions. 00:30:43 - Applying Behavioral Science in Business Melina prompts Sam to provide practical advice for applying behavioral science in business. Sam emphasizes the opportunities for employing behavioral science in various business contexts, encouraging listeners to leverage shared psychological principles to drive innovation and problem-solving. 00:32:41 - Learning and applying the notes and chords of psychology Sam emphasizes the importance of learning the basics of psychology and behavioral science, comparing it to learning notes and chords in music, and how once mastered, they can be creatively applied. 00:34:39 - Reframing problems through a human lens Sam discusses the importance of reframing problems through a human lens, rather than categorizing them based on industry-specific challenges, and how solutions can be found by recategorizing the nature of the problem. 00:39:26 -  Conclusion, Melina's top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn. Thanks for listening. Don't forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.  I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation. Let's connect: Melina@TheBrainyBusiness.com The Brainy Business® on Facebook The Brainy Business on Twitter The Brainy Business on Instagram The Brainy Business on LinkedIn Melina on LinkedIn The Brainy Business on Youtube Connect with Sam:  Twitter  LinkedIn  Ogilvy Learn and Support The Brainy Business: Check out and get your copies of Melina's Books.  Get the Books Mentioned on (or related to) this Episode: Evolutionary Ideas, by Sam Tatam Alchemy, by Rory Sutherland Solving Modern Problems with a Stone Age Brain, by Douglas Kenrick and David Lundberg-Kenrick A More Beautiful Question, by Warren Berger Look, by Christian Madsbjerg Top Recommended Next Episode: Look, with Christian Madsbjerg (ep 325) Already Heard That One? Try These:  Framing (ep 296) Anchoring (ep 11) Priming (ep 252) Bikeshedding (ep 99) Behavioural Science Club, with Co-Founder Louise Ward (ep 118) Herding (ep 264) Reciprocity (ep 238) Change Management (ep 226) Loss Aversion (ep 316) Scarcity (ep 270) Relativity (ep 12) Time Discounting – I'll Start Monday Effect (ep 328) Solving Modern Problems with a Stone Age Brain (ep 237) A More Beautiful Question with Warren Berger (ep 340) Other Important Links:  Brainy Bites - Melina's LinkedIn Newsletter Nudgestock

The Kansas City Chiefs won last year's Super Bowl (LVII) and another just a few years before in 2020. The San Francisco 49ers last won a championship in 1995. In this short bonus episode, Mark Riepe shares his insights on how a concept from 18th-century mathematician Daniel Bernoulli might speak to our perceptions of utility, or emotional benefit, even regarding a team's preparation for a championship game.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder.If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.  All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.  Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Past performance is no guarantee of future results.All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Please note that this content was created as of the specific date indicated and reflects the author's views as of that date. It will be kept solely for historical purposes, and the author's opinions may change, without notice, in reaction to shifting economic, business, and other conditions.The Schwab Center for Financial Research is a division of Charles Schwab & Co.(0224-JN9Y)

Ever wonder why we fear loss more than we crave success? The answer is loss aversion. In this bonus episode of Habits & Hustle, I dive into the power of loss aversion and its grip on our daily decisions - from the subscriptions we can't let go of to our relentless gym commitments. I dive deep into the tactics businesses use to play on our fears and keep us hooked. Whether you're an entrepreneur looking to craft irresistible campaigns or a savvy consumer aiming to make smarter choices, this episode is a game-changer for you!  What we discuss:  (02:19 - 04:09) Psychological Marketing Technique (08:50 - 09:56) The Power of Fear in Sales  (13:22 - 13:38) Loss Aversion Technique for Marketers and Customers Thank you to our sponsors:  Go to www.hbr.org/subscriptions and enter PROMO CODE: HABITS to learn more about this great opportunity to help manage your career and business. Find more from Jen:  Website: https://www.jennifercohen.com/ Instagram: @therealjencohen  Books: https://www.jennifercohen.com/books Speaking: https://www.jennifercohen.com/speaking-engagement Learn more about your ad choices. Visit megaphone.fm/adchoices