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Predictably Irrational

Predictably Irrational

Predictably Irrational

The Hidden Forces That Shape Our Decisions

by Dan Ariely

Irrational behavior is a part of human nature, but as MIT professor Dan 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 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 in Predictably Irrational, our understanding of economics, now based on the assumption of a rational subject, should, in fact, be based on our systematic, unsurprising irrationality.

What You'll Learn

In this summary of Predictably Irrational, you will learn:

  • Why we splurge on a meal but cut coupons to save cents on a can of soup.
  • Why everything is relative, even when it shouldn’t be.
  • Why options distract us from our main objective.
  • Why our headaches persist after taking a one-cent aspirin but disappear after taking a 50-cent aspirin.
  • Why we are dishonest and what we can do about it.
  • Why dealing with cash makes us more honest.
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