The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics 487. What We Value
Apr 10, 2025
In this discussion, Emily Falk, a professor at the University of Pennsylvania and expert in behavior change, reveals the complex layers of value beyond money. She discusses how self-relevance and social relevance shape our choices, influencing personal behavior and the spread of ideas. Through compelling examples, including the inspiring journey of NBA player Ernie Grunfeld, she emphasizes the importance of effective framing in communication. Listeners also learn strategies to reduce defensiveness, fostering openness in decision-making and improving relationships.
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The Value System
- Our brains calculate value for potential actions, integrating factors like taste, social context, and self-perception.
- This "value system" explains our everyday choices, from food to activities.
Monkey Business
- Monkeys, like humans, exhibit subjective value preferences, influenced by factors beyond basic qualities.
- Brain regions fire more intensely when presented with preferred choices, integrating various dimensions into subjective preferences.
The Neuroscience of Sharing
- Sharing decisions involve brain regions associated with reward, mentalizing (understanding others' thoughts), and self-relevance.
- Activation in these regions predicts sharing likelihood and how compellingly information is conveyed.
