'Often Our Emotions Get The Best Of Us And Lead Us Astray'
Outlook Money|July 2024
Dan Ariely, author and professor of psychology and behavioural economics, at Duke University, North Carolina, the US, studies the irrational ways in which we all behave. In his own words, he “looks at people not from a rational perspective, but from the irrational perspective. We basically ask questions around what we are doing that is not in our long-term best interest”. In an interview with Nidhi Sinha, Editor, Outlook Money, as part of the Wealth Wizards series, he talks about himself, his signature half a beard, how people can deal with irrationality, and the role of emotions like misbelief, trust, and human motivation in how people behave or make decisions. Here are the edited excerpts from the interview.
'Often Our Emotions Get The Best Of Us And Lead Us Astray'

Tell us a bit about yourself and your half a beard.

My half a beard look is a little about my history, and a little bit about social science.

Many years ago, I was badly burned; about 70 per cent of my body was burnt. I spent about three years in hospital, and the right side of my face is all scars, and hair doesn’t grow on that side. But of course, I could shave, which made me look less strange. So, for many years I shaved.

Then a few years ago, I went on a month-long hike during which I didn’t shave. When the hike ended, I looked in the mirror and I didn’t like my look. But I thought I’ll keep this half a beard for a few weeks. I posted a few things on social media, and to my surprise, I got some messages from people who thanked me for my half a beard. These were people struggling with their own injuries. I was out there with my injury, and that gave them a little strength. For example, there was a woman in her 50s, who had a car accident when she was 17, and she hadn’t worn a skirt since then. She said she is going to try doing that now.

But the real interesting thing happened about four months down the line, when I felt that my relationship with my scars and injury has changed. The act of shaving, or the act of half shaving, for me, was also an act of hiding. Stopping shaving was incredibly helpful for self-acceptance.

It was also about social science. I am a social scientist, and I did not predict that stopping shaving would help with self-acceptance.

If you had asked me, how would it feel like to not shave, I may have said, on the first day, people would ask questions, point at me, kids would laugh. But if you ask me, what would be the effect four months down the road, and how would it change your self-acceptance, I wouldn’t have been able to tell you. And I think that’s what social science is supposed to do.

This story is from the July 2024 edition of Outlook Money.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the July 2024 edition of Outlook Money.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM OUTLOOK MONEYView All
Stay Ahead Of AI-Powered Cyber Fraud
Outlook Money

Stay Ahead Of AI-Powered Cyber Fraud

AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant

time-read
7 mins  |
December 2024
Travelling To Europe? Pack In The Essential Covers
Outlook Money

Travelling To Europe? Pack In The Essential Covers

Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip

time-read
6 mins  |
December 2024
How To Spend Wisely This Year-End
Outlook Money

How To Spend Wisely This Year-End

We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key

time-read
5 mins  |
December 2024
Travel Now Pay Later (TNPL)
Outlook Money

Travel Now Pay Later (TNPL)

Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.

time-read
2 mins  |
December 2024
12 Books Devina Mehra Loved Reading In 2024
Outlook Money

12 Books Devina Mehra Loved Reading In 2024

Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.

time-read
6 mins  |
December 2024
Here's How To Avail Of Ayushman Bharat Yojana
Outlook Money

Here's How To Avail Of Ayushman Bharat Yojana

Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.

time-read
2 mins  |
December 2024
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Outlook Money

'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'

Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview

time-read
10 mins  |
December 2024
The New Trump Card For IT, Pharma
Outlook Money

The New Trump Card For IT, Pharma

Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others

time-read
8 mins  |
December 2024
European Sojourn
Outlook Money

European Sojourn

Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive

time-read
10+ mins  |
December 2024
Gold ETFs And FoFs
Outlook Money

Gold ETFs And FoFs

While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.

time-read
2 mins  |
November 2024