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Predictably Irrational
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Predictably Irrational (2008) (edit title/settings)

The Hidden Forces That Shape Our Decisions

by Dan Ariely (Author) (edit contributors)

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Description edit see section history

Why do our headaches persist after taking a one-cent aspirin but disappear when we take a 50-cent aspirin? Why does recalling the Ten Commandments reduce our tendency to lie, even when we couldn't possibly be caught? Why do we splurge on a lavish meal but cut coupons to save... read more

Ridiculously Simplified Synopsis edit see section history

  • - how to take a wrong decision
  • - Humans consistently make illogical decisions, but that does not mean humans are unpredictable. Quite the opposite.

Summary edit see section history

From Publishers Weekly
Irrational behavior is a part of human nature, but as MIT professor Ariely has discovered in 20 years of researching behavioral economics, people tend to behave irrationally in a predictable fashion. Drawing on psychology and economics, behavioral economics can show... read more

From Publishers Weekly
Irrational behavior is a part of human nature, but as MIT professor Ariely has discovered in 20 years of researching behavioral economics, people tend to behave irrationally in a predictable fashion. Drawing on psychology and economics, behavioral economics can show us why cautious people make poor decisions about sex when aroused, why patients get greater relief from a more expensive drug over its cheaper counterpart and why honest people may steal office supplies or communal food, but not money. According to Ariely, our understanding of economics, now based on the assumption of a rational subject, should, in fact, be based on our systematic, unsurprising irrationality. Ariely argues that greater understanding of previously ignored or misunderstood forces (emotions, relativity and social norms) that influence our economic behavior brings a variety of opportunities for reexamining individual motivation and consumer choice, as well as economic and educational policy. Ariely's intelligent, exuberant style and thought-provoking arguments make for a fascinating, eye-opening read. (Feb.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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Quotes edit see section history

  • “Have you ever stood in line for a very long time (too long), just to get a free cone of Ben and Jerry's ice cream”
  • “I think it's because humans are intrinsically afraid of loss”
  • “It's no secret that getting something free feels very good”
  • “Or have you bought two of a product that you wouldn't have chosen in the first place, just to get the third one for free”
  • “We have an irrational compulsion to keep doors open”
  • “What is it about zero cost that we find so irresistible”
  • Popular Highlights from Kindle Customers
  • That’s a lesson we can all learn: the more we have, the more we want. And the only cure is to break the cycle of relativity.
    Highlighted by 406 Kindle customers
  • we not only tend to compare things with one another but also tend to focus on comparing things that are easily comparable—and avoid comparing things that cannot be compared easily.
    Highlighted by 398 Kindle customers
  • humans rarely choose things in absolute terms. We don’t have an internal value meter that tells us how much things are worth. Rather, we focus on the relative advantage of one thing over another, and estimate value accordingly.
    Highlighted by 397 Kindle customers
  • The basic idea of arbitrary coherence is this: although initial prices (such as the price of Assael’s pearls) are “arbitrary,” once those prices are established in our minds they will shape not only present prices but also future prices (this makes them “coherent”).
    Highlighted by 369 Kindle customers
  • “Tom had discovered a great law of human action, namely, that in order to make a man covet a thing, it is only necessary to make the thing difficult to attain.”
    Highlighted by 323 Kindle customers
  • when price is not a part of the exchange, we become less selfish maximizers and start caring more about the welfare of others.
    Highlighted by 299 Kindle customers
  • Let me start with a fundamental observation: most people don’t know what they want unless they see it in context.
    Highlighted by 261 Kindle customers
  • we live simultaneously in two different worlds—one where social norms prevail, and the other where market norms make the rules.
    Highlighted by 256 Kindle customers
  • Starbucks did everything in its power, in other words, to make the experience feel different—so different that we would not use the prices at Dunkin’ Donuts as an anchor, but instead would be open to the new anchor that Starbucks was preparing for us. And that, to a great extent, is how Starbucks succeeded.
    Highlighted by 254 Kindle customers
  • This is the problem of relativity—we look at our decisions in a relative way and compare them locally to the available alternative.
    Highlighted by 244 Kindle customers
Show all 16 quotes from this book

First Sentence edit see section history

I have been told by many people that I have an unusual way of looking at the world.

Series & Lists edit see section history

This book is in INSEAD. (community list)

Authors & Contributors edit see section history

  1. Dan Ariely (Author)

First Edition edit see section history

Original Language: English
Publisher: HarperCollins
Country: Add the country of publication.
Publication Date: February 19, 2008
ISBN: 006135323X
Page Count: 294

Classification edit see section history

  • Library of Congress: HB74.P8 A75
  • Dewey: 153.83

More Books Like This edit see section history

   
  • The Upside of Irrationality
  • Predictably Rational?

Books That Influenced This Book edit see section history

   
  • The Paradox of Choice

Books Influenced by This Book edit see section history

   
  • Freefall

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