What is the benefit of adventure, the role of adversity, and the importance of narrative in shaping one’s experience of happiness? What are the larger areas of fulfillment that round out one’s well-being and shape one’s life experience?

Shigehiro (Shige) Oishi is a professor of psychology at the University of Chicago and the author of the books Life in Three Dimensions: How Curiosity, Exploration, and Experience Make a Fuller, Better Life and The Psychological Wealth of Nations: Do Happy People Make a Happy Society?

Greg and Shige discuss the evolving field of subjective well-being, distinguishing between happiness, meaning, and Shige’s newly proposed third dimension – psychological richness. He discusses how these dimensions can sometimes conflict but also complement each other. They also delve into how culture, personality, and life choices like exploration versus stability affect psychological richness, and offer practical insights on how both individuals and organizations can cultivate a richer life.

*unSILOed Podcast is produced by University FM.*

Episode Quotes:

On why there’s a need for a third dimension to a good life

[12:01] Some people really don't like structure. Some people really don't like routines. Some people really like to explore the world and find something interesting, something new. So when you, for instance, look at the big five personality traits and which traits are correlated with the happy life and meaningful life, and actually one big part of the big five traits, openness, the experience, it's not really correlated with happiness or meaning either. So, given that right, a lot of personality psychologists think that there are five global traits because they are useful. They're functional. Maybe there's an evolutionary reason.

Sensation seekers struggle with reflection and growth

[24:38] If you are [a] boredom-prone person, then obviously I think you have to do something new. But when you do something new, I think one thing you can change here is the reflection. I think what sensation seekers do not tend to do is that just after having this adventure, [is] sit down, reflect upon, and savor their experiences. If you do that, I think the boredom, at least the frequency of the boredom will be reduced.

What is the optimal amount of psychological richness?

[27:51] I think you could definitely pursue psychological richness too much, right? I mean, some people may think, "Oh, I have to do something new every moment, every day."But as I said, unless you can just reflect upon [it] and add it up in your psychological memorabilia or portfolio, it is not really adding up. So essentially, unless you can just reflect upon and remember these experiences, it doesn't work that well. I think too much richness is the situation where, given a short period of time, you experience too much that you cannot really process and remember.

On the human tendency toward familiarity—and its hidden costs

[16:21] Looking at all kinds of cognitive bias literature, I think there's a huge familiarity bias. I mean, Bob Zagonc found this mere exposure effect in the 1960s, and essentially we like familiar things, right? And also, loss aversion is a huge example.The endowment effect is the same thing. Once you own it, you think it's more valuable than the new thing, right? So I think all these things are biased towards the familiar and sure gain. And if you're trying to maximize happiness, that's great. That's the strategy you should take actually. BuEt that has a downside, such as we said, you don't learn anything new. Maybe your curiosity is not fully met and you're not adventurous enough to discover something.

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