Discover how to navigate the complexities of personal and professional decisions through the lens of behavioral economics. Kevin Coldiron speaks with Daryl Fairweather, Chief Economist at Redfin and author of the book "Hate the Game," who shares insights on using economic principles to tackle everyday challenges, from negotiating salaries to understanding workplace dynamics. They explore the importance of empathy and perspective-taking in decision-making, emphasizing that understanding the rules of the economic game can empower individuals to succeed despite systemic inequalities. Fairweather discusses her own journey in economics and the lessons learned from her experiences, including the value of strategic thinking in competitive environments. This conversation is not only enlightening but also serves as a practical guide for anyone looking to improve their decision-making skills and career trajectory.
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Episode TimeStamps:
02:26 - Introduction to Daryl Fairweather
07:30 - Choosing games and assessing probabilities
13:14 - How do you know if your boss is a jerk?
14:03 - Why it is important to be aware of how you present your resumé
16:23 - What happens when algorithms take over the hiring process
17:19 - Should you de-emphasize your resume if you are overqualified for a job?
19:22 - A real life example of recency bias
22:34 - How to minimize recency bias when designing systems
24:42 - How to master the promotion process through backward induction
28:26 - The key steps to get promoted and get higher salaries
29:40 - Fairweather's approach to negotiating salaries
36:46 - Why men and women should handle workplace conflicts differently
39:27 - How Fairweather would solve the challenges of the housing market
43:21 - Reflecting on the new Californian housing laws
47:10 - What was Fairweather's favorite chapter in her book?
47:50 - What did she exclude from the book and why?
48:23 - What is the target audience for the book?
49:28 - Why is the book called "Hate the Game"?
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