Meghan Sullivan
speaker
520 appearances
1 recordings
1 series
first heard Jun 2017
last heard Jun 2017
Meghan Sullivan’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you wanna make as much money as possible or or agents who are likely to make as much money as possible are gonna be the ones that set the figure while they're still in the hospital.
If I was your attorney and I'm gonna get a cut of whatever the pain and suffering damages are, I want you to set that figure while you're still in the hospital before you go home.
This is an example of past discounting and uh so Eugene Caruso, Daniel Gilbert, and Timothy Wilson set out to measure this and they basically just gave a bunch of people in Boston these two different thought experiments.
You've either done some really boring data entry work for your boss last week, or you're scheduled to do some extra boring data entry work for your boss next week and ask people to set a price on how much this work is worth or how much they need to get paid.
Turns out if you already did the work, you ask for a lot less money than if the work is scheduled for next week, even though by hypothesis it's the same work.
That's another example of past discounting.
And that, like, once we take a step back, realize that we have this tendency, you should think
Man, this is irrational.
Like the amount of money that you should be paid for pain and suffering for your accident
Should be the same.
Whether or not you're thinking about it while you're still in the hospital or you're thinking about it after you already get home.
The amount that you're owed for some boring data entry work should be the same, whether or not you still need to do it or it already happened.
It's only like when we're in the moment that we tend to discount it, but when we get a little bit of distance, we think this discounting is is crazy.
Something also that's really interesting about the Caruso Wilson and Gilbert study, they didn't just leave it there.
They also uh went and conducted the same boring data entry work experiment asking people what other people should be paid for doing those jobs.
So Tony, your coworker, did some boring data entry work last week.
How much is he owed?
Tony's gonna do some boring data entry work next week.
How much has he owed?
It turns out when other people are involved.
Showing 281–300 of 520 · page 15 of 26
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