Predictably Irrational: The Hidden Forces That Shape Our Decisions Hardcover – Jan 31 2008
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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.)
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"Surprisingly entertaining. . . . Easy to read. . . . Ariely's book makes economics and the strange happenings of the human mind fun." (USA Today)
"A marvelous book that is both thought provoking and highly entertaining, ranging from the power of placebos to the pleasures of Pepsi. Ariely unmasks the subtle but powerful tricks that our minds play on us, and shows us how we can prevent being fooled." (Jerome Groopman, New York Times bestselling author of How Doctors Think)
"PREDICTABLY IRRATIONAL is a charmer-filled with clever experiments, engaging ideas, and delightful anecdotes. Dan Ariely is a wise and amusing guide to the foibles, errors, and bloopers of everyday decision-making." (Daniel Gilbert, Professor of Psychology, Harvard University and author of Stumbling on Happiness)
"Dan Ariely's ingenious experiments explore deeply how our economic behavior is influenced by irrational forces and social norms. In a charmingly informal style that makes it accessible to a wide audience, PREDICTABLY IRRATIONAL provides a standing criticism to the explanatory power of rational egotistic choice." (Kenneth Arrow, Nobel Prize in Economics 1972, Professor of Economics Stanford University)
"Inventive. . . . An accessible account. . . . Ariely is a more than capable storyteller . . . If only more researchers could write like this, the world would be a better place." (Financial Times)
"In creative ways, author Dan Ariely puts rationality to the test. . . . New experiments and optimistic ideas tumble out of him, like water from a fountain." (Boston Globe)
"Dan Ariely is a genius at understanding human behavior: no economist does a better job of uncovering and explaining the hidden reasons for the weird ways we act, in the marketplace and out. PREDICTABLY IRRATIONAL will reshape the way you see the world, and yourself, for good." (James Surowiecki, author of The Wisdom of Crowds)
"PREDICTABLY IRRATIONAL is a scientific but imminently readable and decidedly insightful look into why we do what we do every day...and why, even though we 'know better,' we may never change." (Wenda Harris Millard, President, Media, Martha Stewart Living Omnimedia)
"A fascinating romp through the science of decision-making that unmasks the ways that emotions, social norms, expectations, and context lead us astray." (Time magazine)
"This is a wonderful, eye-opening book. Deep, readable, and providing refreshing evidence that there are domains and situations in which material incentives work in unexpected ways. We humans are humans, with qualities that can be destroyed by the introduction of economic gains. A must read!" (Nassim Nicholas Taleb, New York Times bestselling author of The Black Swan: The Impact of the Highly Improbable)
"After reading this book, you will understand the decisions you make in an entirely new way." (Nicholas Negroponte, founder of MIT's Media Lab and founder and chairman of the One Laptop per Child non-profit association)
"Ariely's intelligent, exuberant style and thought-provoking arguments make for a fascinating, eye-opening read." (Publishers Weekly)
"The most difficult part of investing is managing your emotions. Dan explains why that is so challenging for all of us, and how recognizing your built-in biases can help you avoid common mistakes." (Charles Schwab, Chairman and CEO, The Charles Schwab Corporation)
"Predictably Irrational is an important book. Full of valuable and entertaining insights that will make an impact on your business, professional, and personal life." (Jack M Greenberg, Chairman, Western Union Company, Retired Chairman and CEO, McDonald's Corporation)
"Predictably Irrational is clever, playful,humorous, hard hitting, insightful, and consistently fun and exciting to read." (Paul Slovic, Founder and President, Decision Research)
"Freakonomics held that people respond to incentives, perhaps in undesirable ways, but always rationally. Dan Ariely shows you how people are deeply irrational, and predictably so." (Chip Heath, Co-Author, Made to Stick, Professor, Stanford Graduate School of Business)
"Sly and lucid. . . . Predictably Irrational is a far more revolutionary book than its unthreatening manner lets on." (New York Times Book Review)
"Ariely's book addresses some weighty issues . . . with an unexpected dash of humor." (Entertainment Weekly)
"A delightfully brilliant guide to our irrationality-and how to overcome it-in the marketplace and everyplace." (Geoffrey Moore, author of Crossing the Chasm and Dealing with Darwin)
"A taxonomy of financial folly." (The New Yorker)
"PREDICTABLY IRRATIONAL is wildly original. It shows why-much more often than we usually care to admit-humans make foolish, and sometimes disastrous, mistakes. Ariely not only gives us a great read; he also makes us much wiser." (George Akerlof, Nobel Laureate in Economics, 2001 Koshland Professor of Economics, University of California at Berkeley)
"An entertaining tour of the many ways people act against their best interests, drawing on Ariely's own ingeniously designed experiments. . . . Personal and accessible." (BusinessWeek)
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Top Customer Reviews
What distinguishes Predictable Irrational from the rest is very interesting real life examples and descriptions of some psychological experiments. Dan Ariely does not have complex discussions about psychology, instead he uses amusing examples to clearly illustrate his points. My favorite chapter is related to the effect of relativity and anchoring. Why, for example, have salaries of CEOs increased dramatically after federal security regulators forced companies to disclose them? Or, why are people willing to pay ridiculous prices for luxury items, which does cost so little to produce?
We can train ourselves to be better decision-makes. In fact, decision-making is a key life skill. We may be able to overcome the illusions Dan Ariely talks about, by leaning about them. This is not easy as some illusions are quite hard to recognize. However, this does not mean that we should not try. It is like leaning to swim: at the beginning, people are afraid to swim. It is known psychological bias, but then people learn to overcome this bias by a series of drills using proven techniques. For example, I'm sure that when you start comparing prices in department stores, you will recall Dan Ariely's book and make better choices.
I highly recommend it.
As I worked my way through the first few chapters, I was reminded of a joke I heard years ago. This fellow arrived just in time to tee off for another round of golf with three friends. They played every Saturday morning. "Hey, I've got great news! Just bought the best hearing aids that money can buy. They cost $8,000 each but they're worth every penny. It's a whole new life for me.Read more ›
I would like to observe, however, that such experiments have to be taken with a grain of salt when people know that they are experiments or reflect unexpected questions rather than serious looks at on-going behavior in areas where people have a lot of experience. For instance, the book looks at whether and at what price Duke students will sell basketball tickets they have just put a lot of effort into getting. Clearly, there are factors other than profit that motivated the buying in the first place. Most students probably wanted to get lucky and go to the game. Selling a ticket under these circumstances denies the opportunity to go to the game. A ticket broker would make a rational decision about whether to hire students to try get a ticket this way, but a student who does this a few times wouldn't. Study the ticket broker and you'll get more economic behavior. Study the student who wants to go the game and you won't. So why should we be surprised?
I remember being a subject of a lot of these experiments as a student. If the experiment struck me as particularly stupid, I would often feel rebellious and do things to act in noneconomic ways just to prove I was a person. I didn't see that effects like those are being studied here.
If you want to learn about human behavior, I suggest you study all of the motives . . . not just try to understand the economic motives.Read more ›
Most recent customer reviews
Great book that provides amazing insights into why people do things.Published 3 months ago by Lincoln Penner
Catalogues common human irrational responses or actions then quantifies the level of irrationality by well designed experiments frequently using university students as the test... Read morePublished 7 months ago by Merv Palmer
I found this book to be fascinating. Even though this is a scholarly work, it is very readable and easily understood. The finding of Mr. Read morePublished 10 months ago by Heather Pearson
This entertaining book essentially shows us the many ways that humans do not behave as economists would predict we do. Read morePublished 12 months ago by Rodge
I like the author's unique style of experimentation, and the story-telling of the results and what they tell us about how irrational we really are. Read morePublished 20 months ago by Marilyn
Amusing "read" with great insight into human behavior. The audio version is read clearly and adds great character to the book!Published on Feb. 7 2014 by Mohamed Mansour
I cannot wait to read the rest of Ariely's publications. I highly recommend this book along with all of Ariely's TEDtalks.Published on May 5 2013 by Kayla
This book is really interesting if you're looking for a unique perspective on market research that doesn't rely on consumer recall.Published on Feb. 19 2013 by Amelia
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