Why People Buy Insanely Expensive Things? Costly Signaling

Why rich people buy paintings, and why some rich people are cheap? The answer lies in a concept called social signalling. Let's see what exactly is signalling and how costly signalling affects the behavioural psychology of an individual. While doing so, we will also figure out why poor people buy expensive things and all the other social signals that you would otherwise ignore. Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Watch other episodes: https://www.youtube.com/playlist?list=PLAppTB0r5_TaYueZ0adD42Wiw5X-wTE4v Links referred in the video: Navin's GitHub profile: https://github.com/ngkabra Costly signaling as a nuclear strategy: https://youtu.be/t6tr-SK1Cf4 Chapters: 00:00 Introduction 00:28 Signaling basics 02:05 How it works? 04:09 Burj Khalifa & signaling 05:50 Costly signaling in real life 07:47 Costly signals 09:25 International relations & signals 10:45 How it helps you? 11:35 Why rich people stay cheap? #futureiq #signaling