How much would you pay to see your favorite artist play in 10 years? Psychologist Dan Gilbert found that the average person would pay $129. But what would you pay to see your favorite artist from 10 years ago play today? According to Gilbert, it’s only $80.
“In a perfectly rational world these should be the same number. But we overpay for the opportunity to indulge our current preferences because we overestimate their stability,” Gilbert explained in a memorable TED Talk on how humans are constantly changing.
“Time is a powerful force. It transforms our preferences. It reshapes our values. It alters our personalities,” Gilbert said. “We seem to appreciate this fact but only in retrospect. Only when we look backwards do we realize how much change happens in a decade.” For us, remembering the past is much easier than imagining the future.
You can watch the entire talk below. There are valuable lessons for anyone, whether you’re debating getting a tattoo or trying to make sure your business keeps up with changing times.