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Hal Hershfield is a Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA’s Anderson School of Management.
His research, which sits at the intersection of psychology and economics, examines the ways we can improve our long-term decisions. He earned his PhD in psychology from Stanford University.
Hershfield publishes in top academic journals and also contributes op-eds to the New York Times, Harvard Business Review, the Wall Street Journal, and other outlets. He has consulted with the Consumer Financial Protection Bureau, many financial services firms such as Fidelity, Prudential, Merrill Lynch, and marketing agencies such as Droga5. The recipient of numerous teaching awards, Hershfield was named one of “The 40 Most Outstanding B-School Profs Under 40 In The World” by business education website Poets & Quants. His book, Your Future Self: How to Make Tomorrow Better Today, was just published.https://youtu.be/4MScdCLUxXI
https://youtu.be/4MScdCLUxXI
Key Points From This Episode:
Defining the self and how our identity shifts depending on age, context, and the people we surround ourselves with. (0:04:08)
An overview of Hal’s research and what it reveals about how most people connect (or don’t connect) to their future selves. (0:08:29)
How empathy can influence our connection to our future selves. (0:11:36)
Insights into why we tend to think of our future self the same way we think about strangers or acquaintances. (0:14:19)
Our level of connection to our future self and how it affects wealth accumulation and financial well-being. (0:17:53)
The definition of ‘present bias’ and ‘hyperbolic discounting’ and the role they play in decisions about the future. (0:19:28)
The end-of-history illusion and the impact it has on our decisions. (0:23:02)
How viewing age-progressed images of yourself can help you build a connection with your future self. (0:26:35)
The research Hal is conducting with MIT Media Lab using an AI chatbot called Future You. (0:29:35)
Dan Pink’s work on the power of regret and how it overlaps with Hal’s research and findings. (0:31:59)
The findings on being presented with age-progressed images of ourselves and how they impact our decision-making and relationship with our future selves. (0:35:20)
How writing to your future self can improve your decisions. (0:40:16)
The problems that arise when we become too focused on improving life for our future self and how to find harmony between the present and future. (0:44:03)
The COVID-19 pandemic and its impact on our collective relationship with the future. (0:48:10)
Learn about the live episode we’ll be recording at the upcoming Future Proof conference with Hal as our guest. (0:51:24)
Participate in our Community Discussion about this Episode:
Cameron Passmore has been a leading advocate for evidence-based, systemic investing for over 20 years in the Ottawa area. Today, Cameron and his team serve a broad range of affluent clients across Canada.
Benjamin Felix
Benjamin is co-host of the Rational Reminder Podcast and the host of a popular YouTube series.
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