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29 Cards in this Set
- Front
- Back
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What happens if the elephant is given full control?
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If given total control, the “elephant” side makes choices detrimental to future success and happiness.
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List 3 problems with an untrained elephant
1) EF 2) NA 3) NP |
1) Excessive Future Discounting
2) Finding negative addictions 3) Avoiding positive addictions decisions dominated by the short-term, impulsive self tend to reduce future happiness and success due to these three things |
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Define Future Discounting
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Future discounting
The rate at which you are willing to trade immediate experience for future experience. Trade immediate happiness for future sadness |
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What is this a scenario of?
Today I can drive away in a new car with nothing down, In the future, I'm paying 14% interest on an asset with depreciating value |
Future discounting.
Trading off immediate experience for future experience. |
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What is this a scenario of?
Today I can spend $200 on my credit card In the future, I will owe $400 in accumulated fines/interest/penalties |
Excessive Future Discounting
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Describe future discounting related to the elephant...
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The elephant tends to ignore the future consequences.
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What is the problem with excessive future discounting?
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You have fun currently, but may end up in a bad situation in the future.
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Time Horizon and Wealth Building.
What people had the most wealth? |
People who thought the most important time periods for saving and spending is between the next 5-10 years or longer than 10 years.
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True or false: planning ahead --> wealth
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True
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Define the 2nd problem with an untrained elephant: NA
or Negative Addictions |
Finding Negative Addictions
The elephant is experiential. The elephant side craves experiential variety. |
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Why is unlimited experimentation risky?
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It is risky due to negative addictions traps
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Explain the unlimited experimentation negative addiction trap.
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Rider knows that meth generates a high and has terrible future consequences...
Addiction alters the riders ability to control future choices.... THE ELEPHANT doesn't care about the future, it hasn't experienced the effects so it isn't tempted. Elephant loses ability to experience enjoyment and focuses exclusively on addiction. |
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What is a negative addiction?
PLEASURE MORE NOT FUN HARM |
A path dependent preference.
It is initially pleasurable Gradually requires more consumption to reach the same level of satisfaction. Lowers satisfaction from other items (anhedonia) Creates future harm |
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What is anhedonia?
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The inability to experience pleasure from normally pleasurable life events
Can result from the use of artificial dopamine stimulants like cocaine or amphetamines (negative addictions) |
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True or false:
People who discount the current heavily are more likely to become addicted. |
FALSE
“[previous research shows] people who discount the FUTURE heavily are more likely to become addicted. Our result establishes the converse, that harmful addictions induce even rational persons to discount the future more heavily, which may in turn lead them to become more addicted.” |
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Define Rationality inside a negative addiction
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Look, it’s not like he is giving up a future career as a brain surgeon or something.
Even if he could have done that at one point in his life, that is no longer an option due to the effects of addiction. So he isn’t giving up that much more by continuing to diminish his (already limited) future prospects. |
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Rationality inside a negative addiction regarding meth...
initially.... after..... |
initially, meth user is giving up a lot of future opportunities by using meth.
after, continued use she may not be giving up as many future opportunities by using. |
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Describe a path dependent preference negative addiction...
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A low concern for the future --> addictive consumption --> addictive consumption diminishes future opportunities --> after continued use, anhedonia increases --> diminished future options means that any additional losses occurring from consumption of the drug is less --> non addictive consumption = decreased rewards incentives.
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Describe negative addictions and the paradox of consumption variety
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Unlimited consumption variety for immediate experience --> leads to a negative addiction --> leads to an extreme focus on addiction with poor life experiences
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What is a positive addiction?
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initially not very enjoyable
gradually becomes more enjoyable with experience creates future benefits |
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Potential positive addictions
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Education in a particular field of study
Exercise Religious practice Reading complex novels or non-fiction Watching opera, ballet, football, equestrian, basketball Playing a musical instrument or a sport |
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Define consumption capital
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Experience leads to greater understanding, appreciation, and enjoyment. This accumulated experience resulting in greater enjoyment is called “consumption capital”
Greek is not fun. But once you learn how to read it, it is. Football is not fun, but once you understand how to play it is. |
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Define the path dependent preference for positive addictions
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Low current happiness but future benefits --> practice increases enjoyment and you will want to consume more. --> Consumption capital (you enjoy something when you experience it more) --> increased current happiness leads to more practice --> your external benefits increase when you practice more.
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List some examples of unintentional focus.
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Ignoring long-term outcomes
Negative addictions Increasing focus on addictive substance Decreasing opportunities |
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List some examples of intentional focus.
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Planning for long-term outcomes
Positive addictions Increasing focus on long-term behaviors Increasing opportunities |
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True or false:An early decision for long-term goal achievement can lead to more opportunities for goal achievement
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true. Set goals, meet goals = success = leads to more goals being set and more opportunities for goal achievement.
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True or false: An early decision for short-term, visceral choice can reduce future options and lead to preference for more short-term, visceral choices
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True
Bad decisions reduce future opportunities and lead to preference for more short-term, visceral choices. |
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What must you do with positive and negative addictions?
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Overcome misleading experience.
In the case of both positive and negative addictions, there are misleading experiences. Negative addictions provide initial positive feedback. Positive addictions provide initial negative feedback. |
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What happens because of misleading experiences?
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Misleading experiences must be overcome through external influences of the choice environment.
You can control the elephant by controlling your environment. The law can control your choices by making things illegal or subsidized. Your mom can control you (external environment) by nagging you and making you feel guilty. |
