How a small nudge can be more effective than a sledgehammer

Five things every leader should know – lessons from behavioural economics

How would you fare in this game designed by psychologists to test your honesty? You throw a dice. The higher the number, the more money you win. It lands on a 1 – so no money for you. But only you can see the dice. Would you pretend you got a different score? If you fiddled your score, but only a bit, then you are in good company. Dan Ariely, the psychologist behind the experiment and a professor at Duke University, found that people typically regulated their behaviour. They would often cheat a little, but rarely cheat a lot, because they would consider that to be stealing. Ariely explains this restraint: ‘If you cheat just a little bit, you get to maintain your self-image. You get to balance feeling good about yourself while still getting the value from cheating.’ ….[READ]

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