Rational economics doesn’t always govern how we make decisions about our money in the real world. As part of our series Brain Drain with Marketplace’s Wealth and Poverty desk, we’re exploring the ways in which our minds are rigged to cost us money.
The second topic in our series: Goal setting.
Run three miles a day, write 10 pages a week, make $50,000 per year. Hard targets can help us stick to a plan, but are they efficient? Colin Camerer, a professor of behavioral finance and economics at the California Institute of Technology, explains how adhering too closely to an objective can cost us.
Click the media player above to hear more.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?