Video Creator’s Channel Chris Williamson

The Estonian Police In A Few Months

ago. I think tried out on a particular piece of roads, an alternative way of penalizing people who are speeding in most countries. When you get caught speeding, you get a ticket and in some situations the fine can be quite extensive depending on how by how much you exceed the speed limits, but here in Finland. They come they came up with a different idea and so they stopped people speeding and they gave him a choice between paying and I think for a sort of an average excessive speed. The fight would be something like fallen euro, so just like a good three and fifty pounds, or they could wait for an hour.

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• estonian
• finland
• penalizing
• speed

Just Stay There For An Hour And

then they could be they could go get didn’t have to pay anything but they just had to wait by the roadside for an hour. About half of the the people they stopped opted to wait about half didn’t so you can imagine from that how much these people value their time. I’m joined by Koontz Mets, who I’ve been fighting to pronounce that name. But I think I’ve managed to nail it welcome to the show thanks very much sure Chris you did it proud. I think I’ve heard numerous strange mispronunciations mispronunciations of my name all the way from a keen to go into Cohn and anything in between So yeah I think you were you passed with flying colors fantastic or you’ve got over the first hurdle and to the listeners at home.

Im Starting To Calm Down A Little.

bit now You might not know Kn but I was away in Bali and while I was away. It meant I couldn’t record and you do not know true fear until you have a twice-a-week podcast publishing schedule and no podcasts left to publish and that is that is where I’ve been over the last couple of weeks, but very fortunately for the people that are listening. I have this episode with yourself, which I’m sure is going to be fantastic, behavioral economics and all sorts of decision-making Theory that we’re going to go into which I can’t wait to do also coming up Navarre Rava can’t Bro the caramel Rava can’t talking about love yourself like your life depends on it. His brand-new book and a bunch of other people that are really really interesting over the next couple of weeks, but today we’re gonna get to talk about.

Some Classical Working Strategies For Organizations, Human

behavior, decision,-making and motivation that’s right that’s the kind of stuff. I do yes so what have you been thinking about recently We’ve got the world is our oyster the world of whatever you’ve been working on is our oyster okay well one of the things. One of the themes I’ve been thinking of recently is as time as you as you may know it cannot be is about scarce resources is about allocate it’s about allocating scarce resources is about weighing up costs and benefits and this is in the economy as we know it is usually is to do with money or with some kind of equivalent of money. Some resources that you need to manage, but of course another very important scarce resource. We all experience is time we get at every midnight we get 24 hours to put the.

The Next Day So To Speak And Once

that’s gone, it’s gone and of course, then there is another 24 hours. But we can just like we can spend a pound or a euro or a dollar or any other currency. Only once so we can only spend a minute or an hour or a second once and we if we spend it on one thing. We can’t spend it on another and so are a general use of time follows similar patterns to the way we use money in the sense that we. We are confronted with the fact that we don’t have unlimited amounts of it and so we need to be careful in how we use it up and I think that that is a fascinating topic for me because in many particularly also behavioral economics experiments and economics experiments, you get people in a lab you give them some tokens.

You Give Them A Little Bit Of Money.

Sometimes you see people go to developing countries to India. For instance, where amounts in dollar go much further so you can really intervene in people’s lives on the scale of magnitude that is like comparable to a month’s wages for instance, and still be affordable for research, but the problem is with whatever. experiments you do with with tokens or money is that it’s usually in much smaller quantities and really impacts on us in real life. So my thinking is that if we look more at how we could reuse time where we all have the same amount of time.

Whether Youre Rich.

Whether you’re poor you get 24 hours a day, and it’s not because you’re rich you get 36 hours a day. We all have exactly the same amount of time and I think how we would respond to having to weigh up gaining or losing time might reveal things or clarify things that perhaps are unclear or ambiguous. When you work with you give people 10 pounds or 10 dollars, then you make them that’s all something or you make them pay for something it. It doesn’t work the same way.

I Think And I Think There

is some. Some mileage to be had out of using time in in research on economics and on be able to cannot make some human behavior, but time and money are intrinsically linked. Aren’t they they are as you know the the old adage goes that time is money, but is it really that equivalent is time really always money and I think if you think about it not every minute is has the same worth to you and to me or to anybody else and if you if you are in the middle of something that’s really important, then your time will be much more valuable than if you’re just lazing about on the city watching The Simpsons and so I think you see it as well. In in overtime. For instance, people demand to be paid more when they go over a certain limits in terms of working for for an employee or for an employer for a boss.

So The The Concept Itself Of Being

paid 50% more on double time for overtime. People are being paid more for working in the weekend reflects immediately that a time doesn’t have a intrinsic stable unique value. And I think that in itself is a is an interesting an important observation that affects the way we behave and we handle and we manage our time absolutely. There’s a short blog post. I remember reading quite a while ago that was talking about how as a child you’d happily give up your day for a dollar, and there’s an old man.

Youd Happily Give Up Your Fortune

for a minute yes very true and I think it’s quite kind of extreme. As a child, of course, you have no idea of the that the finiteness of life you’re 5 years old 8 years old. Remember when when school broke up at the end of the spring earlier summer, you had Belgium. We we had two full months of holiday of July and August well. The 1st of July is like you can’t even see as far as the sounds like an unlimited amount of holiday obviously by the time mid-august came and then easygoing buying out.

I Know New Books And Pencils And

everything else law school starting again. So you get a sense of time but yes you have no idea of the finiteness. Whereas if you’re an old person, then yes your your counting down and you know well um maybe. I mean my dad is 92 a testament to some good genetics that you’ve got that well. I.

I Inherited His I Didnt Inherit His His

hair the genes and it says he’s quite bald and it’s a fantastic head of hair Yeah. It’s. It’s a good good bargain, but but yeah he’s 92 is still in good health, but of course he knows I isn’t likely to live another 20 years or maybe in other 10 years or maybe five years so you’re really looking at time in a very different way that said it’s interesting that we we sort of go good and this particular rabbit hole he lives on his own and he hasn’t got much to do most of his friends and his his relatives except for his children’s on but his sort of siblings and peers and although they’ve all died so there’s very few people left of his generation and so he’s He lost purpose a little bit and so he’s got. lots of time and doesn’t really quite know what to do with it He loves gardening and all that but it being winter and it’s not a good time to spend too much time in the garden, so he struggles to fill his days with with something so I think if you look at time as something that you would utilize in terms of willingness to pay or willingness to accept.

He Would Be Willing To Pay

for something to do rather than having to be paid to do to something and in a sense, but yes, I think these are all examples of how we we look at time with different different eyes depending on how old. We are depending on what what day in a week. It is depending on what time of day it is depending whether and holiday or not all of them matters and makes. us look at time differently same at work as well at work Basically what we do We we give our employer an out-of-time and we get money in return and somehow we we tend to view that time as sunk we’ve sold it so it’s now our employers innocence.

• exceed speed limits finland
• people speeding gave
• estonian police months ago
• alternative way penalizing people speeding
• estonian police months ago think

So We Are Less Concerned With

wasting our time and we certainly less concern with wasting other people’s time. I I did exercise once with the client of mine where we had a workshop with about 50 people or so joining and one of the things we had to look at was sort of budgets and how much money was being spent and I made them do the exercise if what’s this workshop costing and I even revealed my feet so they could take that into account and then they looked ok well the higher of the venue and the meal. enough what they didn’t take into account at first was their own time when I got fifty people earning what between say sixty thousand and nine and twenty thousand euros a year. When you get these that amount of people together for two days.

That Is A Huge Amount Of

money or time equivalent of money that you divert into something so but we don’t really think about it in those terms we don’t we think the time we’ve were at work so now it’s work time we don’t worry worry about what we do with our time whether we are using it well whether you’re using other people’s time well that’s why you get so many complaints about meetings being a waste of time and wall-to-wall meetings and all day and looking back and say well. I have no idea what I’ve done today, but it’s not very much. Suppose so I think that really is a fascinating topic that is why think under studied and under and the researched I’ve had.

Summary

The Estonian police in a few months ago. tried out on a particular piece of roads, an alternative way of penalizing people who are speeding in most countries . They stopped people speeding and they gave him a choice between paying for a sort of an average excessive speed. or they could wait for an hour. They could be they could go get didn’t have to pay anything but they just had to wait by the roadside . About half of the the people they stopped opted to wait about half didn’t so you can imagine from that how much these people value their time. The fight would be something like fallen euro, so just like a good three and fifty pounds, or just stay there.& But I think I’ve managed to nail it welcome to the show thanks very much sure Chris you did it proud. I can’t wait to do also coming up with Nava Nava, who I’ve heard numerous strange mispronunciations of my name all the way from a keen to go into…. Click here to read more and watch the full video