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Predictably Irrational: The Hidden Forces That Shape Our Decisions

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Author : Dan Ariely
Binding : Hardcover
EAN : 9780061353239
ISBN : 006135323X
Label : HarperCollins
Manufacturer : HarperCollins
Number of pages : 304
Publication date : 2008-02-19
Publisher : HarperCollins
Release date : 2008-02-19
Title : Predictably Irrational: The Hidden Forces That Shape Our Decisions
Format : Roughcut
Languages : Array
Number of items : 1
Studio : HarperCollins

Editorial reviews

Product Description

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 twenty-five cents on a can of soup?

Why do we go back for second helpings at the unlimited buffet, even when our stomachs are already full?

And how did we ever start spending $4.15 on a cup of coffee when, just a few years ago, we used to pay less than a dollar?

When it comes to making decisions in our lives, we think we're in control. We think we're making smart, rational choices. But are we?

In a series of illuminating, often surprising experiments, MIT behavioral economist Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. Blending everyday experience with groundbreaking research, Ariely explains how expectations, emotions, social norms, and other invisible, seemingly illogical forces skew our reasoning abilities.

Not only do we make astonishingly simple mistakes every day, but we make the same types of mistakes, Ariely discovers. We consistently overpay, underestimate, and procrastinate. We fail to understand the profound effects of our emotions on what we want, and we overvalue what we already own. Yet these misguided behaviors are neither random nor senseless. They're systematic and predictable—making us predictably irrational.

From drinking coffee to losing weight, from buying a car to choosing a romantic partner, Ariely explains how to break through these systematic patterns of thought to make better decisions. Predictably Irrational will change the way we interact with the world—one small decision at a time.

Customer reviews

review by: vivekchatrath date: 2008-12-01 rating:

A must-read: No doubt about it!!!
Predictably Irrational is one book that satisfies so many audiences that it is simply amazing, and it does an awesome job at that. Without delving into the research that Dan Ariely and his group of eminent researchers/friends have carried out - that would take away the fun of discovering some of the insights presented in the book - I must say that the book had great appeal for me as a business-person, as a family man & parent and as a person living in society at large. It has some very important implications for people working in government who are responsible for policy-making and for individuals who wish to avoid making mistakes they could've been making repeatedly. In all honesty, my behaviour has changed in some measure after reading this book and I think the results that I can monitor in the short-term, are positive. A really, really good book!!!

review by: Trader De date: 2008-11-26 rating:

why we do what we do - amazing
A well written and engaging look at some "irrational" behaviors that turn out to be - who knew?!?! - a whole lot less randon than we thought. I may never look at a sale flyer, or even a resturant menu the same way again.

review by: Ali Husain date: 2008-11-26 rating:

Very interesting book
This book is for intelligent readers in finance or marketing fields. I belong to both groups and find it very useful for marketing ideas as well as my own financial decision making flaws. Human behaviour is an important component of economics which is often not given as much exposure as it deserves.
I highly recommend this book.

review by: date: 2008-11-23 rating:

Engaging, Well Written, and Great Food for Thought
My friend recommended this book to me and it turned out to be an absolutely great read. The basic premise of this book is that people do not act rationally and certainly not as the rational agents that one assumes in classical economics. Instead, we act in ways that would be considered "irrational" but are often quite consistent (hence the title).

Mr. Ariely is a professor in Behavioral Economics in MIT so his case studies are tested through experiments conducted on various college campuses. For example, one of his case studies examined the appeal of "FREE!". In the experiment, they put up a concession stand selling chocolates - Hershey's Kisses at 1¢ and Lindt Truffles at 15¢ a piece (you could only buy one). 73% chose the Truffle over the Hershey's Kiss, even when they raised the prices a penny. They then took the prices and dropped them a penny. With the Hershey's Kiss as "FREE!", only 31% of the folks chose the Truffle. According to rational economics, this total reversal in behavior makes no rational sense (the price difference between Kiss and Truffle remained the same), and yet it does make "common sense".

The book is filled with other such studies of "common sense" behavior tested empirically through different experiments. He closes each chapter with takeaway concepts which could be applicable in more substantial situations (i.e. if you want people to get preventative health care, it would be much more effective to make it FREE! instead of "really cheap").

Well written and very readable, it is well worth picking up -- not necessarily a classic tome that I must have on my bookshelf (I got my copy at the library) but is definitely worth the time to pick up and read.

review by: date: 2008-11-13 rating:

Extremely Interesting
This book is extremely interesting and a quick read. I couldn't put it down. I do not have an economics or business background but I found the topic of behavioral economics to be very interesting.

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