Think about your favorite material possession you bought this year.

Now think about your favorite experiential purchase.

Which gave you more happiness?

If you said the experiential purchase, you're in good company, according to Thomas Gilovich, professor of psychology at Cornell University and co-author of The Wisest One in the Room: How You Can Benefit from Social Psychology's Most Powerful Insights (Free Press, 2015). He explains what the latest research shows about wisdom, happiness, and personal biases.