Economics Matters by Laurence Kotlikoff Podcast Do People Act Like Human Beings? Insights from the Brilliant Career of Behavioral Economist, Ernst Fehr 1 1× 0:00 Current time: 0:00 / Total time: -1:05:29 -1:05:29 Audio playback is not supported on your browser. Please upgrade. Do People Act Like Human Beings? Insights from the Brilliant Career of Behavioral Economist, Ernst Fehr Larry Kotlikoff Jun 07, 2024 1 Share Transcript This week I talk with Ernst Fehr, Professor of Microeconomics and Experimental Economics at the University of Zurich, and a leading figure in the field of behavioral economics. Ernst's profound contributions to our understanding of human behavior and economic decision-making have made him a pillar in his discipline. His pioneering work has expanded the traditional framework of economics to include concerns for fairness, cooperation, and altruism, fundamentally transforming the landscape of economic research. Topics Covered: Behavioral Economics and Financial Planning Inertia The Role of Fairness and Altruism in Economic Behavior Determinants of Creativity and Success Impact of Experimental Economics on Labor Markets Time Stamps: 00:00 Ernst upbringing in Austria. 10:50 Self-interest is a driving force in behavior. 12:50 Efficiency wage model incentivizes employees to perform. 22:56 Typically, average offer is 40% accepted. 24:49 Different cultures exhibit varying economic behavior patterns. 33:13 New paper challenges theories on human pro-sociality. 37:01 Behavioral economics and personal finance challenges. 48:16 Exogenous shocker, facilitator key to inducing action. 56:09 Study finds three social preference types prevalent. 01:01:01 Exchange experience in Germany shaped openness. motivator for conscientiousness. 01:03:09 Emphasizing the importance of asking quality questions. In this episode you will gain invaluable insights into Professor Fehr's examination of human behavior, which highlights the inertia and behavioral transaction costs that hinder financial actions. Furthermore, the discussion on fairness and altruism provides a nuanced understanding of how these motivations interplay with economic decisions, challenging the traditional focus on self-interest. This episode also explores the significant impact of experimental economics on understanding market fairness and employer-employee dynamics. For anyone interested in the behavioral aspects of economics and personal finance, this conversation offers a wealth of practical insights and thought-provoking ideas. Subscribe Share Your Best Investment Ever? Max Out Your Social Security Economic Matters - The podcast is hosted by Laurence Kotlikoff, a Boston University Economist, a NY Times Best Selling Author , President of maxifi.com , and Author of Money Magic . Stay Connected: Facebook , Twitter , LinkedIn Apple Podcasts Google Podcasts Spotify iHeart Amazon Music Discussion about this episode Comments Restacks Economics Matters by Laurence Kotlikoff Podcast Economics can make a massive difference - collectively and personally. Listen in as we chat with some of the most influential leaders in economics across the globe. Economics can make a massive difference - collectively and personally. Listen in as we chat with some of the most influential leaders in economics across the globe. Subscribe Listen on Substack App RSS Feed Appears in episode Larry Kotlikoff Recent Episodes Naill Ferguson, the Preeminent Economic Historian, Talks Geopolitics -- Yesterday's, Today's, and Tomorrow's Aug 10 • Larry Kotlikoff Jack Schibli of Lane Generational Explains Why the Stock Market Runs Largely on Autopilot and the Equity-Investing Danger this Presents Aug 2 • Larry Kotlikoff The Brilliant and Captivating Justin Wolfers Talks Economics and the Economy Jul 31 • Larry Kotlikoff Economics Matter's First Substack Live! Talking Social Security's Extreme Insolvency with Pam Krueger, Founder and CEO of Wealthramp, and… Jul 29 • Larry Kotlikoff Brilliant Investing Requires Thinking and Looking Outside the Box -- Steve Laffey Is an Extraordinary Investor. This is a Podcast You Can't… Jul 23 Economist John Goodman, Father of HSAs and One of America's Most Influential Policymakers, Talks US Healthcare Reform Jul 16 • Larry Kotlikoff Bruce Mehlman Joins Economics Matters to Discuss the Long-Term Economic Impact of the War in Iran, Geopolitics, Economic History, and His… Jul 2 • Larry Kotlikoff Sebastian Mallaby Returns to Discuss AI and his Latest Bestseller: The Infinity Machine. Jun 25 • Larry Kotlikoff