[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:11.55,0:00:14.04,Default,,0000,0000,0000,,I want to talk today\Nabout money and happiness,
Dialogue: 0,0:00:14.04,0:00:17.67,Default,,0000,0000,0000,,which are two things that a lot of us\Nspend a lot of our time thinking about.
Dialogue: 0,0:00:17.67,0:00:20.73,Default,,0000,0000,0000,,Either trying to earn them\Nor trying to increase them.
Dialogue: 0,0:00:20.73,0:00:22.95,Default,,0000,0000,0000,,And a lot of us resonate with this phrase,
Dialogue: 0,0:00:22.95,0:00:25.04,Default,,0000,0000,0000,,so we see it in religions\Nand self-help books,
Dialogue: 0,0:00:25.04,0:00:26.95,Default,,0000,0000,0000,,that money can't buy happiness.
Dialogue: 0,0:00:26.95,0:00:30.21,Default,,0000,0000,0000,,And I want to suggest today\Nthat in fact that's wrong.
Dialogue: 0,0:00:30.21,0:00:31.76,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:00:31.76,0:00:35.42,Default,,0000,0000,0000,,I'm at a business school,\Nso that's what we do. So that's wrong.
Dialogue: 0,0:00:35.42,0:00:40.21,Default,,0000,0000,0000,,And in fact, it's not so much\Nthat money can't buy happiness.
Dialogue: 0,0:00:40.21,0:00:42.20,Default,,0000,0000,0000,,(Laughter)\N(Applause)
Dialogue: 0,0:00:45.39,0:00:47.91,Default,,0000,0000,0000,,It is not so much that\Nmoney can't buy happiness,
Dialogue: 0,0:00:47.91,0:00:51.00,Default,,0000,0000,0000,,it's that If you think that,\Nyou're just not spending it right.
Dialogue: 0,0:00:51.00,0:00:54.02,Default,,0000,0000,0000,,So that instead of spending it\Nthe way you usually spend it,
Dialogue: 0,0:00:54.02,0:00:57.96,Default,,0000,0000,0000,,maybe if you spent it differently\Nthat might work a little bit better.
Dialogue: 0,0:00:57.96,0:01:01.49,Default,,0000,0000,0000,,Before I tell you the ways that you can\Nspend it that will make you happier,
Dialogue: 0,0:01:01.49,0:01:03.34,Default,,0000,0000,0000,,let's think about the ways\Nwe usually spend it
Dialogue: 0,0:01:03.34,0:01:05.20,Default,,0000,0000,0000,,that don't in fact make us happier.
Dialogue: 0,0:01:05.20,0:01:07.06,Default,,0000,0000,0000,,We had a little natural experiment.
Dialogue: 0,0:01:07.06,0:01:09.86,Default,,0000,0000,0000,,CNN a little while ago,\Nwrote this interesting article
Dialogue: 0,0:01:09.86,0:01:12.39,Default,,0000,0000,0000,,on what happens to people\Nwhen they win the lottery.
Dialogue: 0,0:01:12.39,0:01:15.91,Default,,0000,0000,0000,,People think when they win the lottery,\Ntheir lives are going to be amazing.
Dialogue: 0,0:01:15.91,0:01:18.35,Default,,0000,0000,0000,,This article is about\Nhow their lives get ruined.
Dialogue: 0,0:01:18.35,0:01:20.53,Default,,0000,0000,0000,,So, what happens\Nwhen people win the lottery:
Dialogue: 0,0:01:20.53,0:01:22.89,Default,,0000,0000,0000,,1) They spend all the money\Nand go into debt
Dialogue: 0,0:01:22.89,0:01:25.33,Default,,0000,0000,0000,,2) All of their friends and everyone\Nthey've ever met,
Dialogue: 0,0:01:25.33,0:01:27.76,Default,,0000,0000,0000,,find them and bug them for money.
Dialogue: 0,0:01:27.76,0:01:30.20,Default,,0000,0000,0000,,It ruins their social relationships in fact.
Dialogue: 0,0:01:30.20,0:01:34.17,Default,,0000,0000,0000,,They have more debt and worse friendships\Nthan they had before they won the lottery.
Dialogue: 0,0:01:34.17,0:01:37.21,Default,,0000,0000,0000,,What was interesting,\Npeople started commenting
Dialogue: 0,0:01:37.21,0:01:39.30,Default,,0000,0000,0000,,on the article, readers of the thing.
Dialogue: 0,0:01:39.30,0:01:41.66,Default,,0000,0000,0000,,Instead of talking about\Nhow it had made them realize
Dialogue: 0,0:01:41.66,0:01:43.55,Default,,0000,0000,0000,,money doesn't lead to happiness,
Dialogue: 0,0:01:43.56,0:01:46.37,Default,,0000,0000,0000,,everyone was saying: "You know\Nwhat I would do if I won the lottery?",
Dialogue: 0,0:01:46.37,0:01:48.30,Default,,0000,0000,0000,,fantasizing about what they'd do.
Dialogue: 0,0:01:48.30,0:01:52.15,Default,,0000,0000,0000,,Here are just two of the ones we saw,\Nthat are interesting to think about.
Dialogue: 0,0:01:52.15,0:01:55.40,Default,,0000,0000,0000,,One person wrote: "When I win\NI'm going to buy my own little mountain
Dialogue: 0,0:01:55.40,0:01:57.02,Default,,0000,0000,0000,,and have a little house on top".
Dialogue: 0,0:01:57.02,0:01:58.69,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:58.69,0:02:00.50,Default,,0000,0000,0000,,Another person wrote:
Dialogue: 0,0:02:00.50,0:02:02.31,Default,,0000,0000,0000,,"I would fill a bath tub\Nwith money and get in the tub
Dialogue: 0,0:02:02.31,0:02:04.12,Default,,0000,0000,0000,,while smoking a big fat cigar
Dialogue: 0,0:02:04.12,0:02:06.85,Default,,0000,0000,0000,,and sipping a glass of champagne".\NThis is even worse now.
Dialogue: 0,0:02:06.85,0:02:09.66,Default,,0000,0000,0000,,"Then I'd have a picture taken\Nand dozens of glossies made.
Dialogue: 0,0:02:09.66,0:02:12.10,Default,,0000,0000,0000,,Anyone begging for money\Nor trying to extort from me
Dialogue: 0,0:02:12.10,0:02:14.91,Default,,0000,0000,0000,,would received a copy of the picture\Nand nothing else".
Dialogue: 0,0:02:14.91,0:02:17.08,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:02:17.62,0:02:20.18,Default,,0000,0000,0000,,And so many of the comments\Nwere exactly of this type.
Dialogue: 0,0:02:20.18,0:02:23.25,Default,,0000,0000,0000,,Where people got money and\Nin fact it made them antisocial.
Dialogue: 0,0:02:23.25,0:02:26.87,Default,,0000,0000,0000,,I told you that it ruins people's lives\Nand that their friends bug them,
Dialogue: 0,0:02:26.87,0:02:30.51,Default,,0000,0000,0000,,it also makes us feel very selfish\Nand we do things only for ourselves.
Dialogue: 0,0:02:30.51,0:02:33.02,Default,,0000,0000,0000,,Maybe the reason why\Nmoney doesn't make us happy
Dialogue: 0,0:02:33.02,0:02:35.48,Default,,0000,0000,0000,,is that we're always spending it\Non the wrong things.
Dialogue: 0,0:02:35.48,0:02:38.02,Default,,0000,0000,0000,,In particular, we're always\Nspending it on ourselves.
Dialogue: 0,0:02:38.02,0:02:39.67,Default,,0000,0000,0000,,And we thought, what would happen
Dialogue: 0,0:02:39.67,0:02:42.28,Default,,0000,0000,0000,,if we made people spend more money\Non other people?
Dialogue: 0,0:02:42.28,0:02:44.40,Default,,0000,0000,0000,,So, instead of being antisocial\Nwith your money
Dialogue: 0,0:02:44.40,0:02:46.78,Default,,0000,0000,0000,,what if you're a bit more prosocial\Nwith your money
Dialogue: 0,0:02:46.78,0:02:49.62,Default,,0000,0000,0000,,and we thought let's make people do it\Nand see what happens.
Dialogue: 0,0:02:49.62,0:02:51.46,Default,,0000,0000,0000,,Let's have some people do\Nwhat they usually do
Dialogue: 0,0:02:51.46,0:02:53.30,Default,,0000,0000,0000,,and spend money on themselves,
Dialogue: 0,0:02:53.30,0:02:55.15,Default,,0000,0000,0000,,and let's make some people\Ngive money away,
Dialogue: 0,0:02:55.15,0:02:58.08,Default,,0000,0000,0000,,measure their happiness\Nand see if in fact they get happier.
Dialogue: 0,0:02:58.08,0:03:01.35,Default,,0000,0000,0000,,The first way we did this,\Non one Vancouver morning,
Dialogue: 0,0:03:01.35,0:03:03.94,Default,,0000,0000,0000,,we went on a campus\Nat University of British Columbia.
Dialogue: 0,0:03:03.94,0:03:06.86,Default,,0000,0000,0000,,We approached people and said:\N"Do you want to be in an experiment?"
Dialogue: 0,0:03:06.86,0:03:09.29,Default,,0000,0000,0000,,If they said yes, we asked them\Nhow happy they were,
Dialogue: 0,0:03:09.29,0:03:10.96,Default,,0000,0000,0000,,and then we gave them an envelope.
Dialogue: 0,0:03:10.96,0:03:13.68,Default,,0000,0000,0000,,One of the envelopes had things in it\Nthat said:
Dialogue: 0,0:03:13.68,0:03:16.99,Default,,0000,0000,0000,,"By 5 p.m. today\Nspend this money on yourself".
Dialogue: 0,0:03:16.99,0:03:19.37,Default,,0000,0000,0000,,We gave some examples\Nof what you can spend it on.
Dialogue: 0,0:03:19.37,0:03:21.98,Default,,0000,0000,0000,,Other people in the morning\Ngot a slip of paper that said
Dialogue: 0,0:03:21.98,0:03:24.80,Default,,0000,0000,0000,,by 5 p.m. today to spend\Nthis money on somebody else.
Dialogue: 0,0:03:24.80,0:03:29.20,Default,,0000,0000,0000,,Also, inside the envelope was money.\NWe manipulated how much we gave them.
Dialogue: 0,0:03:29.20,0:03:31.75,Default,,0000,0000,0000,,So, some people got\Nthis slip of paper and 5 dollars.
Dialogue: 0,0:03:31.76,0:03:34.27,Default,,0000,0000,0000,,Some people got\Nthe slip of paper and 20 dollars.
Dialogue: 0,0:03:34.27,0:03:38.16,Default,,0000,0000,0000,,We let them go about their day.\NThey did whatever they wanted to do.
Dialogue: 0,0:03:38.16,0:03:40.98,Default,,0000,0000,0000,,We found out that they did spend it\Nthe way we asked them to.
Dialogue: 0,0:03:40.98,0:03:42.67,Default,,0000,0000,0000,,We called them up at night and asked:
Dialogue: 0,0:03:42.67,0:03:45.22,Default,,0000,0000,0000,,"What did you spend it on\Nand how happy do you feel now?"
Dialogue: 0,0:03:45.22,0:03:49.09,Default,,0000,0000,0000,,Well, these are college undergrads,\Na lot of what they spent it on for themselves
Dialogue: 0,0:03:49.09,0:03:52.61,Default,,0000,0000,0000,,was things like earrings and make up.\NApparently, some of them were women.
Dialogue: 0,0:03:52.61,0:03:55.23,Default,,0000,0000,0000,,What about for other people?\NVery different things.
Dialogue: 0,0:03:55.23,0:03:57.92,Default,,0000,0000,0000,,One woman said she bought\Na stuffed animal for her niece.
Dialogue: 0,0:03:57.92,0:04:00.13,Default,,0000,0000,0000,,People gave money to homeless people.
Dialogue: 0,0:04:00.13,0:04:02.79,Default,,0000,0000,0000,,Huge effect here of Starbucks.
Dialogue: 0,0:04:02.79,0:04:05.01,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:04:05.03,0:04:08.08,Default,,0000,0000,0000,,If you give undergraduates 5 dollars,\Nit looks like coffee to them
Dialogue: 0,0:04:08.08,0:04:11.07,Default,,0000,0000,0000,,and they run over to Starbucks\Nand spend it as fast as they can.
Dialogue: 0,0:04:11.07,0:04:13.11,Default,,0000,0000,0000,,Some people bought\Na coffee for themselves,
Dialogue: 0,0:04:13.11,0:04:14.83,Default,,0000,0000,0000,,the way they usually would,
Dialogue: 0,0:04:14.83,0:04:17.20,Default,,0000,0000,0000,,but other people said that they bought\Na coffee for somebody else.
Dialogue: 0,0:04:17.20,0:04:18.93,Default,,0000,0000,0000,,So, the very same purchase,
Dialogue: 0,0:04:18.93,0:04:21.55,Default,,0000,0000,0000,,just targeted towards yourself\Nor towards somebody else.
Dialogue: 0,0:04:21.55,0:04:24.40,Default,,0000,0000,0000,,What did we find when we called them back\Nat the end of the day?
Dialogue: 0,0:04:24.40,0:04:26.44,Default,,0000,0000,0000,,People who spent money\Non others got happier.
Dialogue: 0,0:04:26.44,0:04:28.71,Default,,0000,0000,0000,,People who spent it on themselves,\Nnothing happened.
Dialogue: 0,0:04:28.71,0:04:31.61,Default,,0000,0000,0000,,It didn't make them less happy,\Nit just didn't do much for them.
Dialogue: 0,0:04:31.61,0:04:34.85,Default,,0000,0000,0000,,The other thing we saw, is that\Nthe amount of money doesn't matter much.
Dialogue: 0,0:04:34.85,0:04:37.67,Default,,0000,0000,0000,,So, people thought that 20$\Nwould be way better than 5$.
Dialogue: 0,0:04:37.67,0:04:40.15,Default,,0000,0000,0000,,In fact, it doesn't matter\Nhow much money you spend,
Dialogue: 0,0:04:40.15,0:04:44.35,Default,,0000,0000,0000,,what really matters is that you spend it\Non somebody else rather than on yourself.
Dialogue: 0,0:04:44.35,0:04:47.12,Default,,0000,0000,0000,,We see this again and again\Nwhen we give people money
Dialogue: 0,0:04:47.12,0:04:49.42,Default,,0000,0000,0000,,to spend on other people\Ninstead of on themselves.
Dialogue: 0,0:04:49.42,0:04:51.56,Default,,0000,0000,0000,,These are undergraduates in Canada -
Dialogue: 0,0:04:51.56,0:04:54.33,Default,,0000,0000,0000,,not the world's\Nmost representative population.
Dialogue: 0,0:04:54.33,0:04:56.78,Default,,0000,0000,0000,,They're also fairly wealthy, affluent\Nand all these sorts of things.
Dialogue: 0,0:04:56.78,0:04:59.42,Default,,0000,0000,0000,,We wanted to see if this holds true\Neverywhere in the world
Dialogue: 0,0:04:59.42,0:05:01.09,Default,,0000,0000,0000,,or just among wealthy countries.
Dialogue: 0,0:05:01.09,0:05:04.28,Default,,0000,0000,0000,,So we went to Uganda\Nand ran a very similar experiment.
Dialogue: 0,0:05:04.28,0:05:08.19,Default,,0000,0000,0000,,Imagine instead of being in Canada,\Nwhere we would say to people:
Dialogue: 0,0:05:08.19,0:05:11.55,Default,,0000,0000,0000,,"Name the last time you spent money\Non yourself or other people?
Dialogue: 0,0:05:11.55,0:05:13.03,Default,,0000,0000,0000,,Describe it, how happy did it make you?"
Dialogue: 0,0:05:13.03,0:05:15.56,Default,,0000,0000,0000,,Or in Uganda:\N"Name the last time you spent money
Dialogue: 0,0:05:15.56,0:05:17.76,Default,,0000,0000,0000,,on yourself or other people\Nand describe that".
Dialogue: 0,0:05:17.76,0:05:19.39,Default,,0000,0000,0000,,Then we ask them how happy they are.
Dialogue: 0,0:05:19.39,0:05:22.56,Default,,0000,0000,0000,,Again, what we see is amazing\Nbecause there are human universals
Dialogue: 0,0:05:22.56,0:05:24.35,Default,,0000,0000,0000,,on what you do with your money,
Dialogue: 0,0:05:24.35,0:05:26.94,Default,,0000,0000,0000,,and real cultural differences\Non what you do, as well.
Dialogue: 0,0:05:26.94,0:05:28.87,Default,,0000,0000,0000,,For example,\Nthese are some similarities.
Dialogue: 0,0:05:28.87,0:05:31.57,Default,,0000,0000,0000,,These are two gentlemen\Nfrom Canada and Uganda.
Dialogue: 0,0:05:31.57,0:05:34.80,Default,,0000,0000,0000,,Here is one guy from Uganda,\Nwho says this.
Dialogue: 0,0:05:34.80,0:05:37.61,Default,,0000,0000,0000,,We said: "Name a time you spent money\Non somebody else."
Dialogue: 0,0:05:37.61,0:05:40.86,Default,,0000,0000,0000,,Men frequently talk about spending\Nmoney on women, as it turns out.
Dialogue: 0,0:05:40.86,0:05:43.03,Default,,0000,0000,0000,,He said: "I called a girl\NI wished to love."
Dialogue: 0,0:05:43.03,0:05:46.06,Default,,0000,0000,0000,,I think he means romantically love,\Nthough it's unclear
Dialogue: 0,0:05:46.06,0:05:47.72,Default,,0000,0000,0000,,if he means physical love.
Dialogue: 0,0:05:47.72,0:05:50.03,Default,,0000,0000,0000,,"We went out on a date...".
Dialogue: 0,0:05:50.04,0:05:53.02,Default,,0000,0000,0000,,At the end he says\Nthat he didn't achieve her until now.
Dialogue: 0,0:05:53.02,0:05:56.73,Default,,0000,0000,0000,,Here is a guy from Canada,\Nvery similar thing.
Dialogue: 0,0:05:56.73,0:06:00.97,Default,,0000,0000,0000,,"I took my girlfriend out for dinner.\NWe went to a movie. We left early.
Dialogue: 0,0:06:00.97,0:06:04.79,Default,,0000,0000,0000,,Then went back to her room\Nfor only cake".
Dialogue: 0,0:06:04.79,0:06:06.23,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:06.23,0:06:08.69,Default,,0000,0000,0000,,Human universal: you spend money\Non other people,
Dialogue: 0,0:06:08.69,0:06:10.26,Default,,0000,0000,0000,,you're being nice to them.
Dialogue: 0,0:06:10.26,0:06:11.82,Default,,0000,0000,0000,,Maybe you've something in mind,\Nmaybe not.
Dialogue: 0,0:06:11.83,0:06:13.99,Default,,0000,0000,0000,,But then we see these similarities,
Dialogue: 0,0:06:13.99,0:06:15.42,Default,,0000,0000,0000,,but also extraordinary differences.
Dialogue: 0,0:06:15.42,0:06:17.74,Default,,0000,0000,0000,,Look at these two.\NThis is a woman from Canada.
Dialogue: 0,0:06:17.74,0:06:20.48,Default,,0000,0000,0000,,We say: "Name a time when you spent money\Non somebody else".
Dialogue: 0,0:06:20.48,0:06:22.56,Default,,0000,0000,0000,,She says: "I bought a present for my mom.
Dialogue: 0,0:06:22.56,0:06:25.48,Default,,0000,0000,0000,,I drove to the mall, bought a present\Nand gave it to my mom".
Dialogue: 0,0:06:25.48,0:06:28.70,Default,,0000,0000,0000,,Perfectly nice thing to do. It's good\Nto get gifts for people you know.
Dialogue: 0,0:06:28.70,0:06:31.16,Default,,0000,0000,0000,,Compare that to this woman from Uganda.
Dialogue: 0,0:06:31.16,0:06:34.97,Default,,0000,0000,0000,,"I was walking and met a long time friend\Nwhose son was sick with malaria.
Dialogue: 0,0:06:34.97,0:06:38.67,Default,,0000,0000,0000,,They had no money. They went to a clinic\Nand I gave her this money".
Dialogue: 0,0:06:38.67,0:06:42.69,Default,,0000,0000,0000,,This isn't 10000$, it's the local currency.\NIt is a very small amount of money, in fact.
Dialogue: 0,0:06:42.69,0:06:45.14,Default,,0000,0000,0000,,Enormously different motivations.
Dialogue: 0,0:06:45.14,0:06:48.31,Default,,0000,0000,0000,,This is a real medical need,\Nliterally a life-saving donation.
Dialogue: 0,0:06:48.31,0:06:51.12,Default,,0000,0000,0000,,Above, it's just kind of,\N"I bought a gift for my mother".
Dialogue: 0,0:06:51.12,0:06:55.20,Default,,0000,0000,0000,,What we see again is that the specific way\Nthat you spend on other people
Dialogue: 0,0:06:55.20,0:06:58.45,Default,,0000,0000,0000,,isn't nearly as important as the fact\Nthat you spend on other people
Dialogue: 0,0:06:58.45,0:07:01.92,Default,,0000,0000,0000,,in order to make yourself happy,\Nwhich is really quite important.
Dialogue: 0,0:07:01.92,0:07:06.20,Default,,0000,0000,0000,,You don't have to do amazing things\Nwith your money to make yourself happy.
Dialogue: 0,0:07:06.20,0:07:09.87,Default,,0000,0000,0000,,You can do small trivial things\Nand yet still get benefits from doing this.
Dialogue: 0,0:07:09.87,0:07:11.31,Default,,0000,0000,0000,,These are only two countries.
Dialogue: 0,0:07:11.31,0:07:14.20,Default,,0000,0000,0000,,We wanted to go broader and look\Nat every country in the world if we could,
Dialogue: 0,0:07:14.20,0:07:17.87,Default,,0000,0000,0000,,to see what the relationship is\Nbetween money and happiness.
Dialogue: 0,0:07:17.87,0:07:21.38,Default,,0000,0000,0000,,I'll show you a world map in a second.\NWe got data from the Gallup Organization,
Dialogue: 0,0:07:21.38,0:07:24.54,Default,,0000,0000,0000,,which you know from the political polls\Nthat have been happening lately.
Dialogue: 0,0:07:24.54,0:07:27.23,Default,,0000,0000,0000,,They ask people: "Did you donate money\Nto charity recently?"
Dialogue: 0,0:07:27.23,0:07:29.32,Default,,0000,0000,0000,,"How happy are you\Nwith your life in general?"
Dialogue: 0,0:07:29.32,0:07:32.04,Default,,0000,0000,0000,,We can see what the relationship is\Nbetween those two things.
Dialogue: 0,0:07:32.04,0:07:33.44,Default,,0000,0000,0000,,Are they positively correlated?
Dialogue: 0,0:07:33.44,0:07:36.26,Default,,0000,0000,0000,,Giving money makes you happy?\NOr, they're negatively correlated?
Dialogue: 0,0:07:36.26,0:07:38.93,Default,,0000,0000,0000,,On this map, green means\Nthey're positively correlated,
Dialogue: 0,0:07:38.93,0:07:41.22,Default,,0000,0000,0000,,red means they're negatively correlated.
Dialogue: 0,0:07:41.22,0:07:43.93,Default,,0000,0000,0000,,You can see the world is crazily green.
Dialogue: 0,0:07:43.93,0:07:47.04,Default,,0000,0000,0000,,In almost every country in the world,\Nwhere we have this data,
Dialogue: 0,0:07:47.04,0:07:50.03,Default,,0000,0000,0000,,people who would give money to charity,\Nare happier than people
Dialogue: 0,0:07:50.03,0:07:51.66,Default,,0000,0000,0000,,who don't give money to charity.
Dialogue: 0,0:07:51.66,0:07:54.37,Default,,0000,0000,0000,,I know you're all looking\Nat that red country in the middle.
Dialogue: 0,0:07:54.37,0:07:57.88,Default,,0000,0000,0000,,I'd be a jerk and not tell you what it is.\NIt's Central African Republic.
Dialogue: 0,0:07:57.88,0:08:00.99,Default,,0000,0000,0000,,You can make up stories, maybe\Nit's different there for some reason.
Dialogue: 0,0:08:00.99,0:08:04.26,Default,,0000,0000,0000,,Just below that to the right\Nis Rwanda which is amazingly green.
Dialogue: 0,0:08:04.26,0:08:06.84,Default,,0000,0000,0000,,So, almost everywhere we look,\Nwe see that giving money away
Dialogue: 0,0:08:06.84,0:08:09.82,Default,,0000,0000,0000,,makes you happier\Nthan keeping it for yourself.
Dialogue: 0,0:08:09.82,0:08:12.26,Default,,0000,0000,0000,,Across the world\Nwe see this in your everyday life
Dialogue: 0,0:08:12.26,0:08:15.58,Default,,0000,0000,0000,,that this is the impact of spending\Nmoney on others rather than yourself.
Dialogue: 0,0:08:15.58,0:08:18.85,Default,,0000,0000,0000,,But this is your own everyday life,\Nand sometimes you personal life.
Dialogue: 0,0:08:18.85,0:08:21.80,Default,,0000,0000,0000,,What about our work life,\Nwhere we spend all the rest of our time
Dialogue: 0,0:08:21.80,0:08:23.60,Default,,0000,0000,0000,,when we're not with the people we know.
Dialogue: 0,0:08:23.60,0:08:26.48,Default,,0000,0000,0000,,We decided to infiltrate companies\Nand do a very similar thing.
Dialogue: 0,0:08:26.48,0:08:30.24,Default,,0000,0000,0000,,These are sales teams in Belgium.\NThey work in teams,
Dialogue: 0,0:08:30.24,0:08:33.92,Default,,0000,0000,0000,,they go out and sell to doctors\Nand try to get them to buy drugs.
Dialogue: 0,0:08:33.92,0:08:38.20,Default,,0000,0000,0000,,We can look at how well they sell things\Nas a function of being a member of a team.
Dialogue: 0,0:08:38.20,0:08:41.20,Default,,0000,0000,0000,,For some teams we give people\Nsome money for themselves,
Dialogue: 0,0:08:41.20,0:08:43.44,Default,,0000,0000,0000,,and say: "Spend it\Nhowever you want on yourself".
Dialogue: 0,0:08:43.44,0:08:45.64,Default,,0000,0000,0000,,Just like we did\Nwith the undergrads in Canada.
Dialogue: 0,0:08:45.64,0:08:47.73,Default,,0000,0000,0000,,But to other teams we say:\N"Here's 15 euros.
Dialogue: 0,0:08:47.73,0:08:49.47,Default,,0000,0000,0000,,Spend it on one of your teammates.
Dialogue: 0,0:08:49.47,0:08:52.24,Default,,0000,0000,0000,,Buy them something as a present\Nand give it to them.
Dialogue: 0,0:08:52.24,0:08:54.65,Default,,0000,0000,0000,,Now we got teams\Nthat spend on themselves
Dialogue: 0,0:08:54.65,0:08:56.58,Default,,0000,0000,0000,,and we have these prosocial teams\Nwho we give money
Dialogue: 0,0:08:56.58,0:08:58.51,Default,,0000,0000,0000,,to make the team a little better.
Dialogue: 0,0:08:58.51,0:09:00.44,Default,,0000,0000,0000,,The reason I have a ridiculous pinata there,
Dialogue: 0,0:09:00.44,0:09:03.06,Default,,0000,0000,0000,,is one of the teams pooled\Ntheir money and bought a pinata.
Dialogue: 0,0:09:03.06,0:09:06.06,Default,,0000,0000,0000,,They got together, smashed the pinata\Nand all the candy fell out.
Dialogue: 0,0:09:06.06,0:09:07.81,Default,,0000,0000,0000,,A very silly and trivial thing to do,
Dialogue: 0,0:09:07.81,0:09:10.86,Default,,0000,0000,0000,,but think of the difference on the team\Nthat didn't do that at all
Dialogue: 0,0:09:10.86,0:09:14.38,Default,,0000,0000,0000,,that got 15 euro, put it in their pocket,\Nmaybe bought themselves a coffee.
Dialogue: 0,0:09:14.38,0:09:16.64,Default,,0000,0000,0000,,Or teams which had this\Nprosocial experience
Dialogue: 0,0:09:16.64,0:09:19.93,Default,,0000,0000,0000,,where they all bonded together\Nto buy something and do a group activity.
Dialogue: 0,0:09:19.93,0:09:23.12,Default,,0000,0000,0000,,What we see is that the teams\Nthat are prosocial sell more stuff
Dialogue: 0,0:09:23.12,0:09:25.92,Default,,0000,0000,0000,,than the teams that only got\Nmoney for themselves.
Dialogue: 0,0:09:25.92,0:09:28.12,Default,,0000,0000,0000,,One way to think about it\Nis for every 15 euro
Dialogue: 0,0:09:28.12,0:09:29.72,Default,,0000,0000,0000,,you give people for themselves,
Dialogue: 0,0:09:29.72,0:09:32.53,Default,,0000,0000,0000,,they put it in their pocket and don't do\Nanything different than before.
Dialogue: 0,0:09:32.53,0:09:35.16,Default,,0000,0000,0000,,You don't get any money from that.\NYou actually lose money
Dialogue: 0,0:09:35.16,0:09:37.39,Default,,0000,0000,0000,,because it doesn't motivate them\Nto perform better.
Dialogue: 0,0:09:37.39,0:09:39.43,Default,,0000,0000,0000,,But when you give them 15 euro\Nto spend on teammates,
Dialogue: 0,0:09:39.43,0:09:42.51,Default,,0000,0000,0000,,they do so much better on their teams\Nthat you get a huge win
Dialogue: 0,0:09:42.51,0:09:44.34,Default,,0000,0000,0000,,on investing this kind of money.
Dialogue: 0,0:09:44.34,0:09:47.90,Default,,0000,0000,0000,,You're probably thinking to yourselves,\N"This is all fine, but there is a context,
Dialogue: 0,0:09:47.90,0:09:50.66,Default,,0000,0000,0000,,that is incredibly important\Nfor public policy,
Dialogue: 0,0:09:50.66,0:09:52.75,Default,,0000,0000,0000,,and I can't imagine it would work there."
Dialogue: 0,0:09:52.75,0:09:54.66,Default,,0000,0000,0000,,Basically, "If he doesn't show me\Nthat it works here,
Dialogue: 0,0:09:54.68,0:09:57.10,Default,,0000,0000,0000,,I don't believe in anything he said."
Dialogue: 0,0:09:57.10,0:09:58.94,Default,,0000,0000,0000,,What you're all thinking about\Nare dodgeball teams.
Dialogue: 0,0:09:58.94,0:10:00.60,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:10:00.74,0:10:02.70,Default,,0000,0000,0000,,This was a huge criticism we got.
Dialogue: 0,0:10:02.70,0:10:05.74,Default,,0000,0000,0000,,To say "If you can't show\Na dodgeball team, this is all stupid".
Dialogue: 0,0:10:05.74,0:10:09.95,Default,,0000,0000,0000,,We went out and found these\Ndodgeball teams and infiltrated them.
Dialogue: 0,0:10:09.95,0:10:12.21,Default,,0000,0000,0000,,We did the exact same thing as before.
Dialogue: 0,0:10:12.21,0:10:15.06,Default,,0000,0000,0000,,We give some teams money\Nto spend on themselves.
Dialogue: 0,0:10:15.06,0:10:18.38,Default,,0000,0000,0000,,Other teams, we give them money to spend\Non their dodgeball teammates.
Dialogue: 0,0:10:18.38,0:10:20.32,Default,,0000,0000,0000,,The teams that spend money on themselves,
Dialogue: 0,0:10:20.32,0:10:23.15,Default,,0000,0000,0000,,were just at the same winning percentages\Nas they were before.
Dialogue: 0,0:10:23.15,0:10:26.38,Default,,0000,0000,0000,,The teams we give money to spend\Non each other, they become different teams
Dialogue: 0,0:10:26.38,0:10:29.18,Default,,0000,0000,0000,,and in fact dominate the league\Nby the time they're done.
Dialogue: 0,0:10:29.18,0:10:32.39,Default,,0000,0000,0000,,Across all these different contexts:\Nyour personal life, your work life,
Dialogue: 0,0:10:32.39,0:10:34.69,Default,,0000,0000,0000,,and even silly things\Nlike intramural sports.
Dialogue: 0,0:10:34.69,0:10:37.61,Default,,0000,0000,0000,,We see that spending on other people\Nhas a bigger return for you
Dialogue: 0,0:10:37.61,0:10:39.78,Default,,0000,0000,0000,,than spending on yourself.
Dialogue: 0,0:10:39.78,0:10:43.38,Default,,0000,0000,0000,,So if you think money can't buy happiness,\Nyou're not spending it right.
Dialogue: 0,0:10:43.38,0:10:47.36,Default,,0000,0000,0000,,The implication is not you should buy\Nthis product instead of that product
Dialogue: 0,0:10:47.36,0:10:49.54,Default,,0000,0000,0000,,and that's the way\Nto make yourself happier.
Dialogue: 0,0:10:49.54,0:10:52.96,Default,,0000,0000,0000,,In fact, you should stop thinking\Nof which product to buy for yourself
Dialogue: 0,0:10:52.96,0:10:55.98,Default,,0000,0000,0000,,and try giving some of it\Nto other people instead.
Dialogue: 0,0:10:55.98,0:10:59.79,Default,,0000,0000,0000,,We luckily have an opportunity for you\Nto give money away today.
Dialogue: 0,0:10:59.79,0:11:03.91,Default,,0000,0000,0000,,If you look on the back your name badge,\Nat the very bottom of your badge -
Dialogue: 0,0:11:03.91,0:11:06.81,Default,,0000,0000,0000,,look now, as I actually\Nwant you to do this later,
Dialogue: 0,0:11:06.81,0:11:09.86,Default,,0000,0000,0000,,you'll see DonorsChoose.org\Nis a non-profit,
Dialogue: 0,0:11:09.88,0:11:12.83,Default,,0000,0000,0000,,mainly for public school teachers\Nin low-income schools.
Dialogue: 0,0:11:12.83,0:11:16.09,Default,,0000,0000,0000,,They post projects, like: "I want to teach\NHuckleberry Finn to my class
Dialogue: 0,0:11:16.09,0:11:17.39,Default,,0000,0000,0000,,and we don't have the books"
Dialogue: 0,0:11:17.39,0:11:19.23,Default,,0000,0000,0000,,or "I want a microscope to teach\Nmy students science,
Dialogue: 0,0:11:19.23,0:11:21.07,Default,,0000,0000,0000,,and we don't have one".
Dialogue: 0,0:11:21.07,0:11:22.91,Default,,0000,0000,0000,,You and I can go on and buy it for them.
Dialogue: 0,0:11:22.91,0:11:25.62,Default,,0000,0000,0000,,The teacher writes you a thank you note,\Nthe kids write you too,
Dialogue: 0,0:11:25.62,0:11:28.27,Default,,0000,0000,0000,,sometimes they send you pictures\Nof them using the microscope.
Dialogue: 0,0:11:28.27,0:11:29.79,Default,,0000,0000,0000,,It is an extraordinary thing.
Dialogue: 0,0:11:29.79,0:11:35.24,Default,,0000,0000,0000,,That code at the bottom of your name badge\Nis actually a voucher,
Dialogue: 0,0:11:35.24,0:11:38.28,Default,,0000,0000,0000,,a gift voucher,\Nwith free money to donate to charity.
Dialogue: 0,0:11:38.28,0:11:39.90,Default,,0000,0000,0000,,Go to the website, enter that in.
Dialogue: 0,0:11:39.90,0:11:43.46,Default,,0000,0000,0000,,I'd encourage you not to just give\Nthe money that's on the voucher.
Dialogue: 0,0:11:43.46,0:11:45.41,Default,,0000,0000,0000,,But actually give some of your own
Dialogue: 0,0:11:45.41,0:11:50.06,Default,,0000,0000,0000,,and start the process of thinking less\Nabout "how can I spend money on myself",
Dialogue: 0,0:11:50.06,0:11:52.72,Default,,0000,0000,0000,,and more about,\N"If I've got 5 or 15 dollars,
Dialogue: 0,0:11:52.72,0:11:55.12,Default,,0000,0000,0000,,what can I do to benefit other people?"
Dialogue: 0,0:11:55.14,0:11:56.44,Default,,0000,0000,0000,,Because ultimately when you do that,
Dialogue: 0,0:11:56.44,0:11:57.84,Default,,0000,0000,0000,,you find out you'll benefit yourself\Nmuch more.
Dialogue: 0,0:11:57.84,0:11:59.07,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:11:59.07,0:12:00.52,Default,,0000,0000,0000,,(Applause)