Episode #15: “The Science Behind Money Decisions”

Dr. Kyle Murray is the Vice Dean and a Professor of Marketing at the Alberta School of Business. He holds a B.Sc. in Psychology and Ph.D. in Marketing and Psychology from the University of Alberta.

His research examines human judgment and decision making, using the tools of experimental psychology and behavioural economics to better understand the choices that people make.

He has consulted for clients including the Competition Bureau of Canada, Consumers Council of Canada, General Motors, Industry Canada, Johnson and Johnson, Leger, The Research Intelligence Group, LoyaltyOne, and Microsoft.

Highlights of the Show:

  • Why trying to just “better educate people around money” does not work
  • The impacts consumers face as a result of our unconscious biases around money
  • How our confirmation biases often lead us to making decisions that may not be correct
  • Our brains are very adaptable – they can change – but it can be very hard
  • The science of why we feel like we need to “keep up with the Joneses”
  • Why taking a break from financial arousal helps when making financial decisions?
  • Why losing money hurts more than winning money
  • How financial framing impacts our money, debt levels, spending and investing


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