Can’t get enough of behavioral economist Dan Ariely? That certainly seems to be a common condition at the Poptech conference in Camden, ME this week.
Ariely gave a mind-bending talk about the counter-intuitive notion that paying people more can actually make them perform more poorly — at almost the exact moment that Obama’s pay czar was unveiling plans to slash the bonuses of top banking and automotive executives by about 90 percent.
What do turn of the century lab rats, clutch NBA players like Michael Jordan, and Wall Street’s highest-paid executives have in common? Dan Ariely has some ideas.
“We study the irrationality of people and markets. 2008 was a very good year for us,” the behavioral economist noted wryly at the Poptech conference on Thursday.