Predictably Irrational

Dan Ariely

Predictably Irrational

21min

21min

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Predictably Irrational is about human nature, and the typically human characteristic of being predictable, even in our moment of irrationality. However, the economic laws that govern modern social life are based on diametrically opposed assumptions. With the results of his experiments in hand, Dan Ariely presents all the contradictions of this approach, while providing valuable resources with which to question every decision-making process.

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Analysis and key concepts

01.

Behavioural economics investigates the psychological processes that drive certain choices

02.

Supply and demand are interconnected concepts, driven by the human inability to think in absolute terms

03.

People’s choices are dictated by social norms and market laws

04.

Emotions have always influenced people’s decisions

05.

Choosing between many possible alternatives poses a big problem for decision-making

06.

Expectations are part of an irrational psychological process conditioned by external factors

07.

A lack of trust can undermine the very foundations of civilised living

08.

The key to socio-economic development is to fully accept irrationality as part of human nature

09.

Quotes

10.

Take-home message

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Many useful tips to:

  • Learn about the most common unconscious processes.
  • Analyse the discrepancies between traditional economic assumptions, and true human nature.
  • Discover the impact of expectations on decision-making.

Dan Ariely is a professor of psychology and behavioural economics at Duke University, and is the co-creator of the documentary (Dis)Honesty – The Truth About Lies. He is the founder of the Center for Advanced Hindsight, where he researches practices and solutions to support people who want to have a wiser relationship with money, and improve their decision-making skills. He currently lives in North Carolina with his family.

Publishing house:

Harper Perennial

Year:

2010

Pages:

384

ISBN:

978-0061353246