[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.00,0:00:03.00,Default,,0000,0000,0000,,So I want to talk today about money and happiness,
Dialogue: 0,0:00:03.00,0:00:05.00,Default,,0000,0000,0000,,which are two things
Dialogue: 0,0:00:05.00,0:00:07.00,Default,,0000,0000,0000,,that a lot of us spend a lot of our time thinking about,
Dialogue: 0,0:00:07.00,0:00:10.00,Default,,0000,0000,0000,,either trying to earn them or trying to increase them.
Dialogue: 0,0:00:10.00,0:00:12.00,Default,,0000,0000,0000,,And a lot of us resonate with this phrase.
Dialogue: 0,0:00:12.00,0:00:14.00,Default,,0000,0000,0000,,So we see it in religions and self-help books,
Dialogue: 0,0:00:14.00,0:00:16.00,Default,,0000,0000,0000,,that money can't buy happiness.
Dialogue: 0,0:00:16.00,0:00:19.00,Default,,0000,0000,0000,,And I want to suggest today that, in fact, that's wrong.
Dialogue: 0,0:00:19.00,0:00:21.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:00:21.00,0:00:23.00,Default,,0000,0000,0000,,I'm at a business school, so that's what we do.
Dialogue: 0,0:00:23.00,0:00:26.00,Default,,0000,0000,0000,,So that's wrong, and, in fact, if you think that,
Dialogue: 0,0:00:26.00,0:00:28.00,Default,,0000,0000,0000,,you're actually just not spending it right.
Dialogue: 0,0:00:28.00,0:00:30.00,Default,,0000,0000,0000,,So that instead of spending it the way you usually spend it,
Dialogue: 0,0:00:30.00,0:00:32.00,Default,,0000,0000,0000,,maybe if you spent it differently,
Dialogue: 0,0:00:32.00,0:00:34.00,Default,,0000,0000,0000,,that might work a little bit better.
Dialogue: 0,0:00:34.00,0:00:37.00,Default,,0000,0000,0000,,And before I tell you the ways that you can spend it that will make you happier,
Dialogue: 0,0:00:37.00,0:00:39.00,Default,,0000,0000,0000,,let's think about the ways we usually spend it
Dialogue: 0,0:00:39.00,0:00:41.00,Default,,0000,0000,0000,,that don't, in fact, make us happier.
Dialogue: 0,0:00:41.00,0:00:43.00,Default,,0000,0000,0000,,We had a little natural experiment.
Dialogue: 0,0:00:43.00,0:00:46.00,Default,,0000,0000,0000,,So CNN, a little while ago, wrote this interesting article
Dialogue: 0,0:00:46.00,0:00:49.00,Default,,0000,0000,0000,,on what happens to people when they win the lottery.
Dialogue: 0,0:00:49.00,0:00:52.00,Default,,0000,0000,0000,,It turns out people think when they win the lottery their lives are going to be amazing.
Dialogue: 0,0:00:52.00,0:00:54.00,Default,,0000,0000,0000,,This article's about how their lives get ruined.
Dialogue: 0,0:00:54.00,0:00:56.00,Default,,0000,0000,0000,,So what happens when people win the lottery
Dialogue: 0,0:00:56.00,0:00:59.00,Default,,0000,0000,0000,,is, number one, they spend all the money and go into debt,
Dialogue: 0,0:00:59.00,0:01:02.00,Default,,0000,0000,0000,,and number two, all of their friends and everyone they've ever met
Dialogue: 0,0:01:02.00,0:01:04.00,Default,,0000,0000,0000,,find them and bug them for money.
Dialogue: 0,0:01:04.00,0:01:06.00,Default,,0000,0000,0000,,And it ruins their social relationships, in fact.
Dialogue: 0,0:01:06.00,0:01:08.00,Default,,0000,0000,0000,,So they have more debt and worse friendships
Dialogue: 0,0:01:08.00,0:01:10.00,Default,,0000,0000,0000,,than they had before they won the lottery.
Dialogue: 0,0:01:10.00,0:01:12.00,Default,,0000,0000,0000,,What was interesting about the article
Dialogue: 0,0:01:12.00,0:01:15.00,Default,,0000,0000,0000,,was people started commenting on the article, readers of the thing.
Dialogue: 0,0:01:15.00,0:01:17.00,Default,,0000,0000,0000,,And instead of talking about
Dialogue: 0,0:01:17.00,0:01:19.00,Default,,0000,0000,0000,,how it had made them realize that money doesn't lead to happiness,
Dialogue: 0,0:01:19.00,0:01:21.00,Default,,0000,0000,0000,,everyone instantly started saying,
Dialogue: 0,0:01:21.00,0:01:23.00,Default,,0000,0000,0000,,"You know what I would do if I won the lottery ... ?"
Dialogue: 0,0:01:23.00,0:01:25.00,Default,,0000,0000,0000,,and fantasizing about what they'd do.
Dialogue: 0,0:01:25.00,0:01:28.00,Default,,0000,0000,0000,,And here's just two of the ones we saw that are just really interesting to think about.
Dialogue: 0,0:01:28.00,0:01:31.00,Default,,0000,0000,0000,,One person wrote in, "When I win, I'm going to buy my own little mountain
Dialogue: 0,0:01:31.00,0:01:33.00,Default,,0000,0000,0000,,and have a little house on top."
Dialogue: 0,0:01:33.00,0:01:35.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:35.00,0:01:38.00,Default,,0000,0000,0000,,And another person wrote, "I would fill a big bathtub with money
Dialogue: 0,0:01:38.00,0:01:40.00,Default,,0000,0000,0000,,and get in the tub while smoking a big fat cigar
Dialogue: 0,0:01:40.00,0:01:42.00,Default,,0000,0000,0000,,and sipping a glass of champagne."
Dialogue: 0,0:01:42.00,0:01:44.00,Default,,0000,0000,0000,,This is even worse now: "Then I'd have a picture taken
Dialogue: 0,0:01:44.00,0:01:46.00,Default,,0000,0000,0000,,and dozens of glossies made.
Dialogue: 0,0:01:46.00,0:01:48.00,Default,,0000,0000,0000,,Anyone begging for money or trying to extort from me
Dialogue: 0,0:01:48.00,0:01:51.00,Default,,0000,0000,0000,,would receive a copy of the picture and nothing else."
Dialogue: 0,0:01:51.00,0:01:54.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:54.00,0:01:56.00,Default,,0000,0000,0000,,And so many of the comments were exactly of this type,
Dialogue: 0,0:01:56.00,0:01:58.00,Default,,0000,0000,0000,,where people got money
Dialogue: 0,0:01:58.00,0:02:00.00,Default,,0000,0000,0000,,and, in fact, it made them antisocial.
Dialogue: 0,0:02:00.00,0:02:03.00,Default,,0000,0000,0000,,So I told you that it ruins people's lives and that their friends bug them.
Dialogue: 0,0:02:03.00,0:02:05.00,Default,,0000,0000,0000,,It also, money often makes us feel very selfish
Dialogue: 0,0:02:05.00,0:02:07.00,Default,,0000,0000,0000,,and we do things only for ourselves.
Dialogue: 0,0:02:07.00,0:02:09.00,Default,,0000,0000,0000,,Well maybe the reason that money doesn't make us happy
Dialogue: 0,0:02:09.00,0:02:11.00,Default,,0000,0000,0000,,is that we're always spending it on the wrong things,
Dialogue: 0,0:02:11.00,0:02:14.00,Default,,0000,0000,0000,,and in particular, that we're always spending it on ourselves.
Dialogue: 0,0:02:14.00,0:02:16.00,Default,,0000,0000,0000,,And we thought, I wonder what would happen
Dialogue: 0,0:02:16.00,0:02:18.00,Default,,0000,0000,0000,,if we made people spend more of their money on other people.
Dialogue: 0,0:02:18.00,0:02:21.00,Default,,0000,0000,0000,,So instead of being antisocial with your money,
Dialogue: 0,0:02:21.00,0:02:23.00,Default,,0000,0000,0000,,what if you were a little more prosocial with your money?
Dialogue: 0,0:02:23.00,0:02:25.00,Default,,0000,0000,0000,,And we thought, let's make people do it and see what happens.
Dialogue: 0,0:02:25.00,0:02:27.00,Default,,0000,0000,0000,,So let's have some people do what they usually do
Dialogue: 0,0:02:27.00,0:02:29.00,Default,,0000,0000,0000,,and spend money on themselves,
Dialogue: 0,0:02:29.00,0:02:31.00,Default,,0000,0000,0000,,and let's make some people give money away,
Dialogue: 0,0:02:31.00,0:02:34.00,Default,,0000,0000,0000,,and measure their happiness and see if, in fact, they get happier.
Dialogue: 0,0:02:34.00,0:02:36.00,Default,,0000,0000,0000,,So the first way that we did this.
Dialogue: 0,0:02:36.00,0:02:38.00,Default,,0000,0000,0000,,On one Vancouver morning, we went out on the campus
Dialogue: 0,0:02:38.00,0:02:40.00,Default,,0000,0000,0000,,at University of British Columbia
Dialogue: 0,0:02:40.00,0:02:42.00,Default,,0000,0000,0000,,and we approached people and said, "Do you want to be in an experiment?"
Dialogue: 0,0:02:42.00,0:02:44.00,Default,,0000,0000,0000,,They said, "Yes."
Dialogue: 0,0:02:44.00,0:02:47.00,Default,,0000,0000,0000,,We asked them how happy they were, and then we gave them an envelope.
Dialogue: 0,0:02:47.00,0:02:49.00,Default,,0000,0000,0000,,And one of the envelopes had things in it that said,
Dialogue: 0,0:02:49.00,0:02:52.00,Default,,0000,0000,0000,,"By 5:00 pm today, spend this money on yourself."
Dialogue: 0,0:02:52.00,0:02:55.00,Default,,0000,0000,0000,,So we gave some examples of what you could spend it on.
Dialogue: 0,0:02:55.00,0:02:57.00,Default,,0000,0000,0000,,Other people, in the morning, got a slip of paper that said,
Dialogue: 0,0:02:57.00,0:03:00.00,Default,,0000,0000,0000,,"By 5:00 pm today, spend this money on somebody else."
Dialogue: 0,0:03:00.00,0:03:02.00,Default,,0000,0000,0000,,Also inside the envelope was money.
Dialogue: 0,0:03:02.00,0:03:04.00,Default,,0000,0000,0000,,And we manipulated how much money we gave them.
Dialogue: 0,0:03:04.00,0:03:07.00,Default,,0000,0000,0000,,So some people got this slip of paper and five dollars.
Dialogue: 0,0:03:07.00,0:03:10.00,Default,,0000,0000,0000,,Some people got this slip of paper and 20 dollars.
Dialogue: 0,0:03:10.00,0:03:13.00,Default,,0000,0000,0000,,We let them go about their day. They did whatever they wanted to do.
Dialogue: 0,0:03:13.00,0:03:16.00,Default,,0000,0000,0000,,We found out that they did in fact spend it in the way that we asked them to.
Dialogue: 0,0:03:16.00,0:03:18.00,Default,,0000,0000,0000,,We called them up at night and asked them,
Dialogue: 0,0:03:18.00,0:03:20.00,Default,,0000,0000,0000,,"What'd you spend it on, and how happy do you feel now?"
Dialogue: 0,0:03:20.00,0:03:22.00,Default,,0000,0000,0000,,What did they spend it on?
Dialogue: 0,0:03:22.00,0:03:24.00,Default,,0000,0000,0000,,Well these are college undergrads, so a lot of what they spent it on for themselves
Dialogue: 0,0:03:24.00,0:03:26.00,Default,,0000,0000,0000,,were things like earrings and makeup.
Dialogue: 0,0:03:26.00,0:03:29.00,Default,,0000,0000,0000,,One woman said she bought a stuffed animal for her niece.
Dialogue: 0,0:03:29.00,0:03:31.00,Default,,0000,0000,0000,,People gave money to homeless people.
Dialogue: 0,0:03:31.00,0:03:34.00,Default,,0000,0000,0000,,Huge effect here of Starbucks.
Dialogue: 0,0:03:34.00,0:03:36.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:03:36.00,0:03:39.00,Default,,0000,0000,0000,,So if you give undergraduates five dollars, it looks like coffee to them
Dialogue: 0,0:03:39.00,0:03:42.00,Default,,0000,0000,0000,,and they run over to Starbucks and spend it as fast as they can.
Dialogue: 0,0:03:42.00,0:03:45.00,Default,,0000,0000,0000,,But some people bought a coffee for themselves, the way they usually would,
Dialogue: 0,0:03:45.00,0:03:47.00,Default,,0000,0000,0000,,but other people said that they bought a coffee for somebody else.
Dialogue: 0,0:03:47.00,0:03:49.00,Default,,0000,0000,0000,,So the very same purchase,
Dialogue: 0,0:03:49.00,0:03:51.00,Default,,0000,0000,0000,,just targeted toward yourself
Dialogue: 0,0:03:51.00,0:03:53.00,Default,,0000,0000,0000,,or targeted toward somebody else.
Dialogue: 0,0:03:53.00,0:03:55.00,Default,,0000,0000,0000,,What did we find when we called them back at the end of the day?
Dialogue: 0,0:03:55.00,0:03:57.00,Default,,0000,0000,0000,,People who spent money on other people got happier.
Dialogue: 0,0:03:57.00,0:03:59.00,Default,,0000,0000,0000,,People who spent money on themselves, nothing happened.
Dialogue: 0,0:03:59.00,0:04:02.00,Default,,0000,0000,0000,,It didn't make them less happy, it just didn't do much for them.
Dialogue: 0,0:04:02.00,0:04:05.00,Default,,0000,0000,0000,,And the other thing we saw is the amount of money doesn't matter that much.
Dialogue: 0,0:04:05.00,0:04:08.00,Default,,0000,0000,0000,,So people thought that 20 dollars would be way better than five dollars.
Dialogue: 0,0:04:08.00,0:04:11.00,Default,,0000,0000,0000,,In fact, it doesn't matter how much money you spent.
Dialogue: 0,0:04:11.00,0:04:13.00,Default,,0000,0000,0000,,What really matters is that you spent it on somebody else
Dialogue: 0,0:04:13.00,0:04:15.00,Default,,0000,0000,0000,,rather than on yourself.
Dialogue: 0,0:04:15.00,0:04:17.00,Default,,0000,0000,0000,,We see this again and again
Dialogue: 0,0:04:17.00,0:04:20.00,Default,,0000,0000,0000,,when we give people money to spend on other people instead of on themselves.
Dialogue: 0,0:04:20.00,0:04:22.00,Default,,0000,0000,0000,,Of course, these are undergraduates in Canada --
Dialogue: 0,0:04:22.00,0:04:24.00,Default,,0000,0000,0000,,not the world's most representative population.
Dialogue: 0,0:04:24.00,0:04:27.00,Default,,0000,0000,0000,,They're also fairly wealthy and affluent and all these other sorts of things.
Dialogue: 0,0:04:27.00,0:04:30.00,Default,,0000,0000,0000,,We wanted to see if this holds true everywhere in the world
Dialogue: 0,0:04:30.00,0:04:32.00,Default,,0000,0000,0000,,or just among wealthy countries.
Dialogue: 0,0:04:32.00,0:04:34.00,Default,,0000,0000,0000,,So we went, in fact, to Uganda and ran a very similar experiment.
Dialogue: 0,0:04:34.00,0:04:36.00,Default,,0000,0000,0000,,So imagine, instead of just people in Canada,
Dialogue: 0,0:04:36.00,0:04:39.00,Default,,0000,0000,0000,,we said, "Name the last time you spent money on yourself or other people.
Dialogue: 0,0:04:39.00,0:04:41.00,Default,,0000,0000,0000,,Describe it. How happy did it make you?"
Dialogue: 0,0:04:41.00,0:04:43.00,Default,,0000,0000,0000,,Or in Uganda, "Name the last time you spent money
Dialogue: 0,0:04:43.00,0:04:46.00,Default,,0000,0000,0000,,on yourself or other people and describe that."
Dialogue: 0,0:04:46.00,0:04:48.00,Default,,0000,0000,0000,,And then we asked them how happy they are again.
Dialogue: 0,0:04:48.00,0:04:50.00,Default,,0000,0000,0000,,And what we see is sort of amazing
Dialogue: 0,0:04:50.00,0:04:52.00,Default,,0000,0000,0000,,because there's human universals on what you do with your money
Dialogue: 0,0:04:52.00,0:04:55.00,Default,,0000,0000,0000,,and then real cultural differences on what you do as well.
Dialogue: 0,0:04:55.00,0:04:57.00,Default,,0000,0000,0000,,So for example,
Dialogue: 0,0:04:57.00,0:04:59.00,Default,,0000,0000,0000,,one guy from Uganda says this.
Dialogue: 0,0:04:59.00,0:05:01.00,Default,,0000,0000,0000,,He said, "I called a girl I wished to love."
Dialogue: 0,0:05:01.00,0:05:03.00,Default,,0000,0000,0000,,They basically went out on a date,
Dialogue: 0,0:05:03.00,0:05:06.00,Default,,0000,0000,0000,,and he says at the end that he didn't "achieve" her up till now.
Dialogue: 0,0:05:06.00,0:05:09.00,Default,,0000,0000,0000,,Here's a guy from Canada.
Dialogue: 0,0:05:09.00,0:05:11.00,Default,,0000,0000,0000,,Very similar thing.
Dialogue: 0,0:05:11.00,0:05:13.00,Default,,0000,0000,0000,,"I took my girlfriend out for dinner.
Dialogue: 0,0:05:13.00,0:05:15.00,Default,,0000,0000,0000,,We went to a movie, we left early,
Dialogue: 0,0:05:15.00,0:05:19.00,Default,,0000,0000,0000,,and then went back to her room for ... " only cake -- just a piece of cake.
Dialogue: 0,0:05:19.00,0:05:21.00,Default,,0000,0000,0000,,Human universal -- so you spend money on other people,
Dialogue: 0,0:05:21.00,0:05:23.00,Default,,0000,0000,0000,,you're being nice to them.
Dialogue: 0,0:05:23.00,0:05:25.00,Default,,0000,0000,0000,,Maybe you have something in mind, maybe not.
Dialogue: 0,0:05:25.00,0:05:27.00,Default,,0000,0000,0000,,But then we see extraordinary differences.
Dialogue: 0,0:05:27.00,0:05:29.00,Default,,0000,0000,0000,,So look at these two.
Dialogue: 0,0:05:29.00,0:05:31.00,Default,,0000,0000,0000,,This is a woman from Canada.
Dialogue: 0,0:05:31.00,0:05:33.00,Default,,0000,0000,0000,,We say, "Name a time you spent money on somebody else."
Dialogue: 0,0:05:33.00,0:05:35.00,Default,,0000,0000,0000,,She says, "I bought a present for my mom.
Dialogue: 0,0:05:35.00,0:05:37.00,Default,,0000,0000,0000,,I drove to the mall in my car, bought a present, gave it to my mom."
Dialogue: 0,0:05:37.00,0:05:39.00,Default,,0000,0000,0000,,Perfectly nice thing to do.
Dialogue: 0,0:05:39.00,0:05:41.00,Default,,0000,0000,0000,,It's good to get gifts for people that you know.
Dialogue: 0,0:05:41.00,0:05:43.00,Default,,0000,0000,0000,,Compare that to this woman from Uganda.
Dialogue: 0,0:05:43.00,0:05:45.00,Default,,0000,0000,0000,,"I was walking and met a long-time friend
Dialogue: 0,0:05:45.00,0:05:47.00,Default,,0000,0000,0000,,whose son was sick with malaria.
Dialogue: 0,0:05:47.00,0:05:50.00,Default,,0000,0000,0000,,They had no money, they went to a clinic and I gave her this money."
Dialogue: 0,0:05:50.00,0:05:53.00,Default,,0000,0000,0000,,This isn't $10,000, it's the local currency.
Dialogue: 0,0:05:53.00,0:05:55.00,Default,,0000,0000,0000,,So it's a very small amount of money, in fact.
Dialogue: 0,0:05:55.00,0:05:57.00,Default,,0000,0000,0000,,But enormously different motivations here.
Dialogue: 0,0:05:57.00,0:05:59.00,Default,,0000,0000,0000,,This is a real medical need,
Dialogue: 0,0:05:59.00,0:06:01.00,Default,,0000,0000,0000,,literally a life-saving donation.
Dialogue: 0,0:06:01.00,0:06:03.00,Default,,0000,0000,0000,,Above, it's just kind of, I bought a gift for my mother.
Dialogue: 0,0:06:03.00,0:06:05.00,Default,,0000,0000,0000,,What we see again though
Dialogue: 0,0:06:05.00,0:06:07.00,Default,,0000,0000,0000,,is that the specific way that you spend on other people
Dialogue: 0,0:06:07.00,0:06:09.00,Default,,0000,0000,0000,,isn't nearly as important
Dialogue: 0,0:06:09.00,0:06:11.00,Default,,0000,0000,0000,,as the fact that you spend on other people
Dialogue: 0,0:06:11.00,0:06:13.00,Default,,0000,0000,0000,,in order to make yourself happy,
Dialogue: 0,0:06:13.00,0:06:15.00,Default,,0000,0000,0000,,which is really quite important.
Dialogue: 0,0:06:15.00,0:06:18.00,Default,,0000,0000,0000,,So you don't have to do amazing things with your money to make yourself happy.
Dialogue: 0,0:06:18.00,0:06:21.00,Default,,0000,0000,0000,,You can do small, trivial things and yet still get these benefits from doing this.
Dialogue: 0,0:06:21.00,0:06:23.00,Default,,0000,0000,0000,,These are only two countries.
Dialogue: 0,0:06:23.00,0:06:26.00,Default,,0000,0000,0000,,We also wanted to go even broader and look at every country in the world if we could
Dialogue: 0,0:06:26.00,0:06:29.00,Default,,0000,0000,0000,,to see what the relationship is between money and happiness.
Dialogue: 0,0:06:29.00,0:06:31.00,Default,,0000,0000,0000,,We got data from the Gallup Organization,
Dialogue: 0,0:06:31.00,0:06:34.00,Default,,0000,0000,0000,,which you know from all the political polls that have been happening lately.
Dialogue: 0,0:06:34.00,0:06:36.00,Default,,0000,0000,0000,,They ask people, "Did you donate money to charity recently?"
Dialogue: 0,0:06:36.00,0:06:39.00,Default,,0000,0000,0000,,and they ask them, "How happy are you with your life in general?"
Dialogue: 0,0:06:39.00,0:06:41.00,Default,,0000,0000,0000,,And we can see what the relationship is between those two things.
Dialogue: 0,0:06:41.00,0:06:44.00,Default,,0000,0000,0000,,Are they positively correlated? Giving money makes you happy.
Dialogue: 0,0:06:44.00,0:06:46.00,Default,,0000,0000,0000,,Or are they negatively correlated?
Dialogue: 0,0:06:46.00,0:06:48.00,Default,,0000,0000,0000,,On this map, green will mean they're positively correlated
Dialogue: 0,0:06:48.00,0:06:51.00,Default,,0000,0000,0000,,and red means they're negatively correlated.
Dialogue: 0,0:06:51.00,0:06:53.00,Default,,0000,0000,0000,,And you can see, the world is crazily green.
Dialogue: 0,0:06:53.00,0:06:55.00,Default,,0000,0000,0000,,So in almost every country in the world
Dialogue: 0,0:06:55.00,0:06:57.00,Default,,0000,0000,0000,,where we have this data,
Dialogue: 0,0:06:57.00,0:06:59.00,Default,,0000,0000,0000,,people who give money to charity are happier people
Dialogue: 0,0:06:59.00,0:07:01.00,Default,,0000,0000,0000,,that people who don't give money to charity.
Dialogue: 0,0:07:01.00,0:07:04.00,Default,,0000,0000,0000,,I know you're all looking at that red country in the middle.
Dialogue: 0,0:07:04.00,0:07:06.00,Default,,0000,0000,0000,,I would be a jerk and not tell you what it is,
Dialogue: 0,0:07:06.00,0:07:08.00,Default,,0000,0000,0000,,but in fact, it's Central African Republic.
Dialogue: 0,0:07:08.00,0:07:10.00,Default,,0000,0000,0000,,You can make up stories. Maybe it's different there for some reason or another.
Dialogue: 0,0:07:10.00,0:07:12.00,Default,,0000,0000,0000,,Just below that to the right is Rwanda though,
Dialogue: 0,0:07:12.00,0:07:14.00,Default,,0000,0000,0000,,which is amazingly green.
Dialogue: 0,0:07:14.00,0:07:16.00,Default,,0000,0000,0000,,So almost everywhere we look
Dialogue: 0,0:07:16.00,0:07:18.00,Default,,0000,0000,0000,,we see that giving money away makes you happier
Dialogue: 0,0:07:18.00,0:07:20.00,Default,,0000,0000,0000,,than keeping it for yourself.
Dialogue: 0,0:07:20.00,0:07:23.00,Default,,0000,0000,0000,,What about your work life, which is where we spend all the rest of our time
Dialogue: 0,0:07:23.00,0:07:25.00,Default,,0000,0000,0000,,when we're not with the people we know.
Dialogue: 0,0:07:25.00,0:07:28.00,Default,,0000,0000,0000,,We decided to infiltrate some companies and do a very similar thing.
Dialogue: 0,0:07:28.00,0:07:30.00,Default,,0000,0000,0000,,So these are sales teams in Belgium.
Dialogue: 0,0:07:30.00,0:07:32.00,Default,,0000,0000,0000,,They work in teams; they go out and sell to doctors
Dialogue: 0,0:07:32.00,0:07:34.00,Default,,0000,0000,0000,,and try to get them to buy drugs.
Dialogue: 0,0:07:34.00,0:07:37.00,Default,,0000,0000,0000,,So we can look and see how well they sell things
Dialogue: 0,0:07:37.00,0:07:39.00,Default,,0000,0000,0000,,as a function of being a member of a team.
Dialogue: 0,0:07:39.00,0:07:41.00,Default,,0000,0000,0000,,Some teams, we give people on the team some money for themselves
Dialogue: 0,0:07:41.00,0:07:43.00,Default,,0000,0000,0000,,and say, "Spend it however you want on yourself,"
Dialogue: 0,0:07:43.00,0:07:45.00,Default,,0000,0000,0000,,just like we did with the undergrads in Canada.
Dialogue: 0,0:07:45.00,0:07:47.00,Default,,0000,0000,0000,,But other teams we say, "Here's 15 euro.
Dialogue: 0,0:07:47.00,0:07:49.00,Default,,0000,0000,0000,,Spend it on one of your teammates this week.
Dialogue: 0,0:07:49.00,0:07:52.00,Default,,0000,0000,0000,,Buy them something as a gift or a present and give it to them.
Dialogue: 0,0:07:52.00,0:07:55.00,Default,,0000,0000,0000,,And then we can see, well now we've got teams that spend on themselves
Dialogue: 0,0:07:55.00,0:07:57.00,Default,,0000,0000,0000,,and we've got these prosocial teams
Dialogue: 0,0:07:57.00,0:07:59.00,Default,,0000,0000,0000,,who we give money to make the team a little bit better.
Dialogue: 0,0:07:59.00,0:08:01.00,Default,,0000,0000,0000,,The reason I have a ridiculous pinata there
Dialogue: 0,0:08:01.00,0:08:03.00,Default,,0000,0000,0000,,is one of the teams pooled their money and bought a pinata,
Dialogue: 0,0:08:03.00,0:08:06.00,Default,,0000,0000,0000,,and they all got around and smashed the pinata and all the candy fell out and things like that.
Dialogue: 0,0:08:06.00,0:08:08.00,Default,,0000,0000,0000,,A very silly, trivial thing to do,
Dialogue: 0,0:08:08.00,0:08:11.00,Default,,0000,0000,0000,,but think of the difference on a team that didn't do that at all,
Dialogue: 0,0:08:11.00,0:08:13.00,Default,,0000,0000,0000,,that got 15 euro, put it in their pocket,
Dialogue: 0,0:08:13.00,0:08:15.00,Default,,0000,0000,0000,,maybe bought themselves a coffee,
Dialogue: 0,0:08:15.00,0:08:17.00,Default,,0000,0000,0000,,or teams that had this prosocial experience
Dialogue: 0,0:08:17.00,0:08:20.00,Default,,0000,0000,0000,,where they all bonded together to buy something and do a group activity.
Dialogue: 0,0:08:20.00,0:08:23.00,Default,,0000,0000,0000,,What we see is that, in fact, the teams that are prosocial sell more stuff
Dialogue: 0,0:08:23.00,0:08:25.00,Default,,0000,0000,0000,,than the teams that only got money for themselves.
Dialogue: 0,0:08:25.00,0:08:27.00,Default,,0000,0000,0000,,And one way to think about it
Dialogue: 0,0:08:27.00,0:08:29.00,Default,,0000,0000,0000,,is for every 15 euro you give people for themselves,
Dialogue: 0,0:08:29.00,0:08:32.00,Default,,0000,0000,0000,,they put it in their pocket, they don't do anything different than they did before.
Dialogue: 0,0:08:32.00,0:08:34.00,Default,,0000,0000,0000,,You don't get any money from that.
Dialogue: 0,0:08:34.00,0:08:37.00,Default,,0000,0000,0000,,You actually lose money because it doesn't motivate them to perform any better.
Dialogue: 0,0:08:37.00,0:08:39.00,Default,,0000,0000,0000,,But when you give them 15 euro to spend on their teammates,
Dialogue: 0,0:08:39.00,0:08:41.00,Default,,0000,0000,0000,,they do so much better on their teams
Dialogue: 0,0:08:41.00,0:08:44.00,Default,,0000,0000,0000,,that you actually get a huge win on investing this kind of money.
Dialogue: 0,0:08:44.00,0:08:46.00,Default,,0000,0000,0000,,And I realize that you're probably thinking to yourselves,
Dialogue: 0,0:08:46.00,0:08:48.00,Default,,0000,0000,0000,,this is all fine,
Dialogue: 0,0:08:48.00,0:08:50.00,Default,,0000,0000,0000,,but there's a context that's incredibly important for public policy
Dialogue: 0,0:08:50.00,0:08:52.00,Default,,0000,0000,0000,,and I can't imagine it would work there.
Dialogue: 0,0:08:52.00,0:08:54.00,Default,,0000,0000,0000,,And basically that if he doesn't show me that it works here,
Dialogue: 0,0:08:54.00,0:08:56.00,Default,,0000,0000,0000,,I don't believe anything he said.
Dialogue: 0,0:08:56.00,0:08:59.00,Default,,0000,0000,0000,,And I know what you're all thinking about are dodgeball teams.
Dialogue: 0,0:08:59.00,0:09:01.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:09:01.00,0:09:03.00,Default,,0000,0000,0000,,This was a huge criticism that we got
Dialogue: 0,0:09:03.00,0:09:06.00,Default,,0000,0000,0000,,to say, if you can't show it with dodgeball teams, this is all stupid.
Dialogue: 0,0:09:06.00,0:09:08.00,Default,,0000,0000,0000,,So we went out and found these dodgeball teams
Dialogue: 0,0:09:08.00,0:09:10.00,Default,,0000,0000,0000,,and infiltrated them.
Dialogue: 0,0:09:10.00,0:09:12.00,Default,,0000,0000,0000,,And we did the exact same thing as before.
Dialogue: 0,0:09:12.00,0:09:15.00,Default,,0000,0000,0000,,So some teams, we give people on the team money, they spend it on themselves.
Dialogue: 0,0:09:15.00,0:09:17.00,Default,,0000,0000,0000,,Other teams, we give them money
Dialogue: 0,0:09:17.00,0:09:19.00,Default,,0000,0000,0000,,to spend on their dodgeball teammates.
Dialogue: 0,0:09:19.00,0:09:21.00,Default,,0000,0000,0000,,The teams that spend money on themselves
Dialogue: 0,0:09:21.00,0:09:23.00,Default,,0000,0000,0000,,are just the same winning percentages as they were before.
Dialogue: 0,0:09:23.00,0:09:25.00,Default,,0000,0000,0000,,The teams that we give the money to spend on each other,
Dialogue: 0,0:09:25.00,0:09:27.00,Default,,0000,0000,0000,,they become different teams
Dialogue: 0,0:09:27.00,0:09:29.00,Default,,0000,0000,0000,,and, in fact, they dominate the league by the time they're done.
Dialogue: 0,0:09:29.00,0:09:31.00,Default,,0000,0000,0000,,Across all of these different contexts --
Dialogue: 0,0:09:31.00,0:09:33.00,Default,,0000,0000,0000,,your personal life, you work life,
Dialogue: 0,0:09:33.00,0:09:35.00,Default,,0000,0000,0000,,even silly things like intramural sports --
Dialogue: 0,0:09:35.00,0:09:37.00,Default,,0000,0000,0000,,we see spending on other people has a bigger return for you
Dialogue: 0,0:09:37.00,0:09:40.00,Default,,0000,0000,0000,,than spending on yourself.
Dialogue: 0,0:09:40.00,0:09:42.00,Default,,0000,0000,0000,,And so I'll just say, I think if you think money can't buy happiness
Dialogue: 0,0:09:42.00,0:09:44.00,Default,,0000,0000,0000,,you're not spending it right.
Dialogue: 0,0:09:44.00,0:09:47.00,Default,,0000,0000,0000,,The implication is not you should buy this product instead of that product
Dialogue: 0,0:09:47.00,0:09:49.00,Default,,0000,0000,0000,,and that's the way to make yourself happier.
Dialogue: 0,0:09:49.00,0:09:51.00,Default,,0000,0000,0000,,It's in fact, that you should stop thinking
Dialogue: 0,0:09:51.00,0:09:53.00,Default,,0000,0000,0000,,about which product to buy for yourself
Dialogue: 0,0:09:53.00,0:09:56.00,Default,,0000,0000,0000,,and try giving some of it to other people instead.
Dialogue: 0,0:09:56.00,0:09:59.00,Default,,0000,0000,0000,,And we luckily have an opportunity for you.
Dialogue: 0,0:09:59.00,0:10:01.00,Default,,0000,0000,0000,,DonorsChoose.org is a non-profit
Dialogue: 0,0:10:01.00,0:10:04.00,Default,,0000,0000,0000,,for mainly public school teachers in low-income schools.
Dialogue: 0,0:10:04.00,0:10:06.00,Default,,0000,0000,0000,,They post projects,
Dialogue: 0,0:10:06.00,0:10:08.00,Default,,0000,0000,0000,,so they say, "I want to teach Huckleberry Finn to my class and we don't have the books,"
Dialogue: 0,0:10:08.00,0:10:10.00,Default,,0000,0000,0000,,or "I want a microscope to teach my students science
Dialogue: 0,0:10:10.00,0:10:12.00,Default,,0000,0000,0000,,and we don't have a microscope."
Dialogue: 0,0:10:12.00,0:10:14.00,Default,,0000,0000,0000,,You and I can go on and buy it for them.
Dialogue: 0,0:10:14.00,0:10:17.00,Default,,0000,0000,0000,,The teacher writes you a thank you note. The kids write you a thank you note.
Dialogue: 0,0:10:17.00,0:10:19.00,Default,,0000,0000,0000,,Sometimes they send you pictures of them using the microscope.
Dialogue: 0,0:10:19.00,0:10:21.00,Default,,0000,0000,0000,,It's an extraordinary thing.
Dialogue: 0,0:10:21.00,0:10:23.00,Default,,0000,0000,0000,,Go to the website and start yourself on the process
Dialogue: 0,0:10:23.00,0:10:26.00,Default,,0000,0000,0000,,of thinking, again, less about "How can I spend money on myself?"
Dialogue: 0,0:10:26.00,0:10:29.00,Default,,0000,0000,0000,,and more about "If I've got five dollars or 15 dollars,
Dialogue: 0,0:10:29.00,0:10:31.00,Default,,0000,0000,0000,,what can I do to benefit other people?"
Dialogue: 0,0:10:31.00,0:10:34.00,Default,,0000,0000,0000,,Because ultimately when you do that, you'll find that you'll benefit yourself much more.
Dialogue: 0,0:10:34.00,0:10:36.00,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:10:36.00,0:10:38.00,Default,,0000,0000,0000,,(Applause)