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#592 - Richard Shotton - 8 Fascinating Psychological Biases
Modern Wisdom
Is There a Host Device?
Richard Taylor and Shlomo Bernatzi came up with an idea called save more tomorrow. They used the present preference bias or hyperbolic discounting rate, which essentially means anyone values pleasure in the now much more than pleasure in the future. The uptake from that was way higher as well. It led to significant increases in in pension contributions. So yeah, there's this whole host device. There are so many of these biases, as long as you can match the right ones,. You've got really effective evidence-based tools to use.
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