SOB: The Endowment Effect and the Impossible Self-Appraisal
CoinDesk Podcast Network
CoinDesk
4.7 • 698 Ratings
🗓️ 9 January 2022
⏱️ 11 minutes
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| 0:00.0 | This episode of Speaking of Bitcoin on the Coin Desk podcast network is brought to you by nexo.io. |
| 0:10.0 | Hello there. I'm George Franklin, and I'm going to take a look at how even the best and brightest people can make truly stupid decisions and terrible predictions. |
| 0:18.0 | And what we can learn from them, this is Dare to Be Stupid. |
| 0:21.9 | This time on Dare to Be Stupid, the impossible self-appraisal, or from hemness to hoddle. |
| 0:27.9 | A little while back, radio pundit and hobbyist Twitter self-owner, Jesse Kelly, bemoaned |
| 0:32.4 | the softness of modern men. |
| 0:34.4 | Can't believe there are men who don't know how to work with their hands, he tweeted. |
| 0:38.0 | I woke up this morning and built a shed for the backyard. |
| 0:41.2 | A firm stand for principles of traditional masculinity or whatever. |
| 0:45.0 | At least as firm and masculine as a phone booth sized plastic snapped together rubber made |
| 0:48.8 | storage bin can be. |
| 0:50.6 | Before he quietly deleted the tweet and photo and shuffled away, multiple commenters were happy to point out that his six-square-foot, Suncast brand plastic toolshed was available for a cool two-hundo at Home Depot, and boasts easy assembly and minutes. |
| 1:03.0 | But let's not chuckle too smugly at one person's performative manliness, because there but for the grace of God, go all of us. |
| 1:10.0 | Every human being shares the delusions of inflated self-appraisals of value and utility, |
| 1:14.6 | though perhaps some of us more than others. |
| 1:16.6 | When we do something with our own hands, as this paragon of testosterone did, |
| 1:20.6 | we will almost always value the results a bit too highly. |
| 1:24.6 | Assessing value is vital to not just trade or business, but to every kind of decision-making. |
| 1:30.1 | Whether we're putting old furniture on Craigslist or deciding between two life-changing job |
| 1:33.3 | opportunities, we're appraising values and weighing them against others. |
| 1:37.8 | It won't surprise anybody to hear that the average person can't perform a flawless, |
| 1:41.0 | mental risk assessment, but it may surprise you how reliably we |
... |
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