Live Limitless with Raam
“The World’s Most Value-packed Newsletter Life-letter to WIN at Work, Life, and Home” with:
3 big ideas, tips or strategies
2 stories, quotes or case-studies
1 critical question to ask yourself
Live Limitless: Ultimatum Game, Door-in-the-face, Defaults and Marissa Meyer!
read on LIFELETTER.RAAMANAND.COM | FEBRUARY 4, 2023
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3 Big Ideas, Tips or Strategies for this week
1. The Ultimatum Game
This is a simple economic experiment that has been used to study the behavior of individuals in strategic interactions. The experiment typically involves two players, and it has been used to study a wide range of topics, including fairness, reciprocity, trust, and cooperation.
The key takeaways:
a) People often have a strong sense of fairness, and they are likely to reject offers that they perceive as being unfair. This can have implications for negotiations, bargaining, and other forms of interaction, where people are often more likely to reach agreements that are perceived as being fair and equitable.
b) People often have a strong desire for reciprocity, and they are likely to repay kindness and cooperation with similar acts. This can be seen in many different contexts, including personal relationships, business relationships, and social interactions, where people often respond to positive treatment with increased trust, cooperation, and mutual support.
2. Door-in-the-face Technique
One common example of a study related to influence using behavioral economics is the “door-in-the-face” technique. This technique is based on the principle of reciprocity, which states that people are more likely to comply with a request if they feel that they have received something of value in return. In the door-in-the-face technique, a requestor first makes an excessive request that is likely to be refused, and then follows up with a smaller, more reasonable request. The idea is that after the initial rejection, the requested person may feel obliged to comply with the smaller request as a form of compensation.
Studies have shown that this technique can be quite effective in getting people to comply with requests, especially if the second request is perceived as more reasonable in comparison to the initial request. This phenomenon is used in various domains, such as fundraising, marketing, and sales, among others.
3. The Power of Default
Research has shown that people tend to stick with the default option, regardless of whether it is the best choice for them. To apply this to personal development, consider setting default options that support your goals, such as automatically transferring a portion of your pay-check into savings or signing up for a gym membership or even scheduling recurring time slots on your calendar for your book project. This can help you to make progress towards your goals without having to actively make decisions about them every day.
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2 Stories, Quotes, or Case-Studies for this week
1. Marissa Mayer
Marissa is the former CEO of Yahoo! and current CEO of investor-backed start-up, Lumi Labs, is often cited as an example of how to successfully navigate a fast-paced, rapidly-changing work environment, and how to drive growth and innovation through strategic leadership.
When Marissa became the CEO of Yahoo! in 2012, she faced a company that was struggling to keep up with the rapid pace of technological change and competition from newer, nimbler players like Google and Facebook. Despite these challenges, Mayer was able to turn the company around by implementing a number of innovative strategies, such as investing in mobile and video products, acquiring start-ups to bring new talent and technology into the company, and revitalizing the company’s culture to create a more nimble and responsive work environment.
2. Influence in Action
In September 2008, the Lehman Brothers, a large investment bank, filed for bankruptcy, triggering a global financial crisis. In response, President Barack Obama passed the American Recovery and Reinvestment Act, a $787 billion stimulus package aimed at boosting the US economy. Through his leadership, President Obama was able to rally the support of Congress and the American people, influencing their actions and attitudes towards the crisis and securing the passage of the stimulus package. This example demonstrates how leaders can wield significant influence in times of crisis and shape the outcome of events through their actions and decision-making.
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1 Critical Question to Ask Yourself
Influence is not automatic or obtained overnight. It’s not something that can be purchased, though it can be borrowed sometimes. It’s a daily habit to increase your level of influence with your behavior, actions, and content you produce, that includes writing a book.
“How can I increase the level of positive influence over my audience?”
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Let’s meet again. Until then, Keep Smiling… Believe in Yourself… and Get all the Best Things in Life,
Raam Anand
Publishing Coach to hundreds of first-time authors around the world
Publisher & Chief Editor at Stardom Books (USA/India)
Author of the International Bestseller, Write Now
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