Predictably Irrational The Hidden Forces that Shape Our Decisions

Why do smart people make irrational decisions every day? The answers will surprise you. Predictably Irrational is an intriguing, witty and utterly original look at why we all make illogical decisions.

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Predictably Irrational Revised and Expanded Edition

Why do our headaches persist after we take a one-cent aspirin but disappear when we take a fifty-cent aspirin? Why do we splurge on a lavish meal but cut coupons to save twenty-five cents on a can of soup? When it comes to making decisions in our lives, we think we're making smart, rational choices. But are we? In this newly revised and expanded edition of the groundbreaking New York Times bestseller, Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They're systematic and predictable—making us predictably irrational.

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Predictably Irrational

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Predictably Irrational

High Quality Content by WIKIPEDIA articles! Predictably Irrational: The Hidden Forces That Shape Our Decisions is a 2008 book by Dan Ariely, in which he challenges readers' assumptions about making decisions based on rational thought. Ariely explains, "My goal, by the end of this book, is to help you fundamentally rethink what makes you and the people around you tick. I hope to lead you there by presenting a wide range of scientific experiments, findings, and anecdotes that are in many cases quite amusing. Once you see how systematic certain mistakes are--how we repeat them again and again--I think you will begin to learn how to avoid some of them."

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Predictably Irrational

Predictably Irrational by Dan Ariely | Summary & Analysis Preview: Predictably Irrational provides a data-driven window into the ways in which the human mind fails to make rational choices time and time again. While some of these irrational decisions are humorous or trivial, in many cases, these behaviors can have far-ranging implications for governments and health care systems. However, understanding that we, as humans, are predisposed to making irrational decisions is the first step to preventing these behaviors and overcoming the foibles of our minds. Most people fail to recognize that their minds will, at some point, fail them or stray from the course they believe they should take. For example, consumers may think they’re getting a good deal on a television when, in fact, buyers are merely responding to the product because it is cheaper than the first television they saw in the store… PLEASE NOTE: This is key takeaways and analysis of the book and NOT the original book. Inside this Instaread Summary of Predictably Irrational · Overview of the book · Important People · Key Takeaways · Analysis of Key Takeaways About the Author With Instaread, you can get the key takeaways, summary and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Predictably Irrational LP

An upbeat cultural evaluation of the sources of illogical decisions explores the reasons why irrational thought often overcomes level-headed practices, offering insight into the structural patterns that cause people to make the same mistakes repeatedly. (Economics)

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Summary

A Complete Summary of Predictably Irrational: The Hidden Forces That Shape Our DecisionsWe are pawns. Most of the time we don't understand what's really going on. We think we're in the driver's seat and steering the course of our lives, but we are wrong. We're really the victims of our own instincts and impulses. We procrastinate. We underestimate. We let fear make our decisions.Standard economic theory assumes that we are rational, but we are not. Most of the time, we're deeply irrational. Just because we're irrational, however, it doesn't follow that we're chaotic. Our behavior isn't random. As a matter of fact, we make the same mistakes over and over again, and there is nothing random about that. There are predictable patterns in our behavior. We have instincts that help us negotiate a complex world, and these instincts tend to channel us into repetitive behavior so that we don't have to spend a lot of time making decisions about things that aren't essential to our survival.Traditional economics posits a world where people act rationally and make economic decisions based on their own best interests. But this unrealistic, and frankly simplistic, worldview does not advance economic understanding. Economics should be based more on how people really behave. This is the goal of behavioral economics, a field that uses psychological insight to understand economic decision-making.In Predictably Irrational: The Hidden Forces That Shape Our Decisions, Dr. Dan Ariely looks at self-defeating behavior, the power of suggestion, of procrastination, the effects of placebos and many other aspects of our lives that we are often unaware of. Delusions and self-rationalizations lurk behind many of our actions, subtly undermining our best interest. Only until we learn and understand how our primordial passions steer our lives can we regain control. Without this awareness, we are often at the mercy of advertisers and others who know how to use these hidden mechanisms to manipulate our behavior.Ariely has an impressive resume, and he isn't shy about mining it for anecdotes to support his argument. Readers are treated to many stories from his extensive back catalog of research experiments. The accounts aren't just limited to his professional life, either. In addition to innumerable colleagues, readers are introduced to wife Sumi and daughter Amit, discovering intimidating details such as how Sumi came to the decision to use an epidural during childbirth.Ariely seems to enjoy telling stories. Where one or two examples might suffice to explain his thoughts, Ariely uses five. While some readers may wish that the author would hurry up and reach his point, others may enjoy his meandering storytelling style. He provides interesting glimpses into the world of Ivy League professors.The book concludes on a note of optimism. As irrational creatures, we are victims of illusion, but we aren't helpless. We can learn to behave differently. Ariely rallies us to overcome our faults. We can develop systems to mitigate our predictable, systematic mistakes. There are tools and policies that will help people make better decisions. Ariely's research provides concrete proof of what works to help guide us on our way.Here Is A Preview Of What You Will Get: In Predictably Irrational , you will get a full understanding of the book. In Predictably Irrational , you will get an analysis of the book. In Predictably Irrational , you will get some fun multiple choice quizzes, along with answers to help you learn about the book. Get a copy, and learn everything about Predictably Irrational .

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Summary of Predictably Irrational Revised and Expanded Edition

Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dans Ariely - Book Summary - Readtrepreneur (Disclaimer: This is NOT the original book, but an unofficial summary.) The human being is often referred as a rational creature, however, are we completely rational or do we have an expected irrationality within our core? Predictably Irrational is an exploration through the irrational side of the human being and why is this actually an expected behaviour. In this title, Dans Ariely breaks down his theory on the irrationality of humans hoping that this book sheds a light on our nature and what can we learn from it to be better than we are now. (Note: This summary is wholly written and published by readtrepreneur. It is not affiliated with the original author in any way) "Individuals are honest only to the extent that suits them (including their desire to please others)" - Dan Ariely Before we can begin to know the world, we must know each other and Predictably Irrationals delivers extremely useful insight about our nature, it explores a topic which is uncommon but important to know. An in-depth knowledge about ourself will improve our decision making and our quality as an individual. Dan Ariely stresses that knowing the predictably irrational nature of the human being and its pattern will make you able of having a better judgement and control of yourself which will result in superior decision making. P.S. Predictably Irrational is an extremely interesting book that makes the bold attempt to study uncharted territory and nails it. This title will provide you with an extensive knowledge of human nature. The Time for Thinking is Over! Time for Action! Scroll Up Now and Click on the "Buy now with 1-Click" Button to Grab your Copy Right Away! Why Choose Us, Readtrepreneur? ● Highest Quality Summaries ● Delivers Amazing Knowledge ● Awesome Refresher ● Clear And Concise Disclaimer Once Again: This book is meant for a great companionship of the original book or to simply get the gist of the original book.

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Predictably Irrational Revised and Expanded Edition

"A marvelous book… thought provoking and highly entertaining." —Jerome Groopman, New York Times bestselling author of How Doctors Think "Ariely not only gives us a great read; he also makes us much wiser." —George Akerlof, 2001 Nobel Laureate in Economics "Revolutionary." —New York Times Book Review Why do our headaches persist after we take a one-cent aspirin but disappear when we take a fifty-cent aspirin? Why do we splurge on a lavish meal but cut coupons to save twenty-five cents on a can of soup? When it comes to making decisions in our lives, we think we're making smart, rational choices. But are we? In this newly revised and expanded edition of the groundbreaking New York Times bestseller, Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They're systematic and predictable—making us predictably irrational.

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Summary Predictably Irrational

Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dans Ariely | Book Summary | Readtrepreneur (Disclaimer: This is NOT the original book. If you're looking for the original book, search this link: http://amzn.to/2kdv7Zf) The human being is often referred as a rational creature, however, are we completely rational or do we have an expected irrationality within our core? Predictably Irrational is an exploration through the irrational side of the human being and why is this actually an expected behaviour. In this title, Dans Ariely breaks down his theory on the irrationality of humans hoping that this book sheds a light on our nature and what can we learn from it to be better than we are now. (Note: This summary is wholly written and published by readtrepreneur.com It is not affiliated with the original author in any way) "Individuals are honest only to the extent that suits them (including their desire to please others)" - Dan Ariely Before we can begin to know the world, we must know each other and Predictably Irrationals delivers extremely useful insight about our nature. It explores a topic which is uncommon but important to know. An in-depth knowledge about ourself will improve our decision making and our quality as an individual. Dan Ariely stresses that knowing the predictably irrational nature of the human being and its pattern will make you able of having a better judgement and control of yourself which will result in superior decision making. P.S. Predictably Irrational is an extremely interesting book that makes the bold attempt to study uncharted territory and nails it. This title will provide you with an extensive knowledge of human nature. The Time for Thinking is Over! Time for Action! Scroll Up Now and Click on the "Buy now with 1-Click" Button to Get Your Copy Delivered to Your Doorstep Right Away! Why Choose Us, Readtrepreneur? Highest Quality Summaries Delivers Amazing Knowledge Awesome Refresher Clear And Concise Disclaimer Once Again: This book is meant for a great companionship of the original book or to simply get the gist of the original book. If you're looking for the original book, search for this link: http://amzn.to/2kdv7Zf

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Quicklet on Dan Ariely s Predictably Irrational CliffNotes like Book Summary

ABOUT THE BOOK “If I were to distill one main lesson from the research described in this book, it is that we are pawns in a game whose forces we largely fail to comprehend.” Dan Ariely’s book Predictably Irrational introduces the public to a new economic discipline that punches lethal holes in the science of classical economics, the field of behavioral economics. As David Berreby writes in his New York Times review of Predictably Irrational, “this sly and lucid book is not about your grandfather’s dismal science.” Predictably Irrational hit shelves in 2008, a time when readers were ready to denounce any and all established notions about modern finance and monetary policy. When the book came out, the world economy was spiraling at full speed into a recession; the bottom of which hardly anyone could foresee. Indeed we would not reach that bottom for a long while, and the crippling global economic downturn of the late 2000’s would be dubbed The Great Recession. Months after Predictably Irrational published, former Federal Reserve Chairman Alan Greenspan testified before the US Congress. “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included,” he said, “are in a state of shocked disbelief” (New York Times, Greenspan Concedes Error on Regulation). As Chairman of the Federal Reserve, Greenspan oversaw a period of prosperity in the United States (1987-2006) characterized by low borrowing rates and deregulation (Encyclopedia Britannica, “Alan Greenspan”). His admission of the failure of “self-interest” to produce a healthy economy was the equivalent of the Pope proclaiming his skepticism of the New Testament. Things looked bad for the old models of economics thought. But what, exactly, were the alternatives? Predictably Irrational, and behavioral economics more largely, is able to step into this vacuum and offer a powerful observation. Traditional economists operate on one key assumption, that participants in a market act rationally to achieve ends motivated by their own self-interest. Behavioral economists declare that assumption to be untrue based on common sense, experience, and—most importantly—empirical data. EXCERPT FROM THE BOOK p>“According to the assumptions of standard economics, all human decisions are rational and informed, motivated by an accurate concept of the worth of all goods and services and the amount of happiness (utility) all decisions are likely to produce.” When defecting from a foundational scientific discipline, it is not enough to say, “People are not rational, so there you have it.” You must also answer, specifically: How so? To what extent? Why? To those ends, Ariely and his colleagues around the world devised a plethora of experiments meant to catch our instances of irrationality and allow for, of all things, a rational analysis of our dumb calls. These experiments took place over many years, but many of them are so entertaining to read of that it can seem they were designed to be featured in a best selling book. Yet the bemusing quality of Ariely’s results stem from the fact that, for all of its seeming capriciousness, our irrationality fits into recognizable patterns. All humans have the same wetware in our skulls. We all live in societies that, while perhaps culturally different, are social communities more akin to each other than, say, a termite colony. We can determine, through Ariely’s surprisingly potent and consistent results, that humans have a few certain ways in which we are irrational:We seek patterns. Upon encountering something unfamiliar, our brain seeks to make sense of it by comparison to our prior experiences.

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Summary and Analysis of Predictably Irrational The Hidden Forces That Shape Our Decisions

So much to read, so little time? This brief overview of Predictably Irrational tells you what you need to know—before or after you read Dan Ariely’s book. Crafted and edited with care, Worth Books set the standard for quality and give you the tools you need to be a well-informed reader. This short summary and analysis of Predictably Irrational includes: Historical context Chapter-by-chapter overviews Important quotes Fascinating trivia Glossary of terms Supporting material to enhance your understanding of the original work About Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dan Ariely: Predictably Irrational, the New York Times bestseller by Duke psychology and behavioral economics professor Dan Ariely, challenges the idea that we always make perfectly rational decisions. Featuring examples from daily life alongside results of his fascinating experiments, Ariely explains how emotional, psychological, and social factors can lead to irrational behavior—which can be damaging to ourselves and others. From the coffee we drink or the medicine we take, to the companies we support and the relationships we value, we make irrational decisions every day that can cost us in the long run. Ariely reveals not only when and how we tend to act irrationally, but why, so we can learn from our mistakes and design ways to facilitate smarter decision-making. The summary and analysis in this ebook are intended to complement your reading experience and bring you closer to a great work of nonfiction.

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Summary Of Predictably Irrational The Hidden Forces That Shape Our Decisions By Dan Ariely

ABOUT THE ORIGINAL BOOK: In this work, the author, Dan Ariely, addresses, with technical solvency and a simple and pleasant style, the issue of daily decisions that people make in their lives. His studies on human behaviour have enabled him to reach surprising conclusions, which for the most part relate to the economy, and which have sparked the interest of business people as well as average citizens for the way in which they show the factors that move impulses in human beings, which are not always logical or rational and often lead to mistakes. This book not only is enjoyable to read but it is also a call for reflection to promote better decisions in our personal and professional lives stemming from an understanding of how the World works.

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Summary Predictably Irrational Revised and Expanded

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Summary of Predictably Irrational

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Predictably Irrational

Do markets correct individual behavioral biases? In an experimental asset market, we compare the outcomes of a standard market economy to those of a an island economy that removed market interactions. We observe asset price bubbles in the market economy while prices are stable in the island economy. We also find that subjects took more risk following larger losses, resulting in larger prices and consistent with a gambling for resurrection motive. This motive can translate into bubbles in the market economy because higher prices increase average losses and thus reinforce the desire to resurrect. By contrast, the absence of such a strategic complementarity in island economies can explain the more stable outcome. These results suggest that markets do not correct behavioral biases, rather the contrary.

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The Irrational Bundle

Dan Ariely's three New York Times bestselling books on his groundbreaking behavioral economics research, Predictably Irrational, The Upside of Irrationality, and The (Honest) Truth About Dishonesty, are now available for the first time in a single volume.

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The Future of Risk Management

Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and managing risk are urgently required. When catastrophic risk management was in its inception thirty years ago, scientists and engineers would provide estimates of the probability of specific types of accidents and their potential consequences. Economists would then propose risk management policies based on those experts' estimates with little thought as to how this data would be used by interested parties. Today, however, the disciplines of finance, geography, history, insurance, marketing, political science, sociology, and the decision sciences combine scientific knowledge on risk assessment with a better appreciation for the importance of improving individual and collective decision-making processes. The essays in this volume highlight past research, recent discoveries, and open questions written by leading thinkers in risk management and behavioral sciences. The Future of Risk Management provides scholars, businesses, civil servants, and the concerned public tools for making more informed decisions and developing long-term strategies for reducing future losses from potentially catastrophic events. Contributors: Mona Ahmadiani, Joshua D. Baker, W. J. Wouter Botzen, Cary Coglianese, Gregory Colson, Jeffrey Czajkowski, Nate Dieckmann, Robin Dillon, Baruch Fischhoff, Jeffrey A. Friedman, Robin Gregory, Robert W. Klein, Carolyn Kousky, Howard Kunreuther, Craig E. Landry, Barbara Mellers, Robert J. Meyer, Erwann Michel-Kerjan, Robert Muir-Wood, Mark Pauly, Lisa Robinson, Adam Rose, Paul J. H. Schoemaker, Paul Slovic, Phil Tetlock, Daniel Västfjäll, W. Kip Viscusi, Elke U. Weber, Richard Zeckhauser.

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A Taste of Irrationality

Sample chapters from Predictably Irrational and Upside of Irrationality. Predictably Irrational Why do our headaches persist after we take a one-cent aspirin but disappear when we take a fifty-cent aspirin? Why do we splurge on a lavish meal but cut coupons to save twenty-five cents on a can of soup? When it comes to making decisions in our lives, we think we're making smart, rational choices. But are we? In this newly revised and expanded edition of the groundbreaking New York Times bestseller, Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They're systematic and predictable—making us predictably irrational. Upside of Irrationality The provocative follow-up to the New York Times bestseller Predictably Irrational Why can large bonuses make CEOs less productive? How can confusing directions actually help us? Why is revenge so important to us? Why is there such a big difference between what we think will make us happy and what really makes us happy? In his groundbreaking book Predictably Irrational, social scientist Dan Ariely revealed the multiple biases that lead us into making unwise decisions. Now, in The Upside of Irrationality, he exposes the surprising negative and positive effects irrationality can have on our lives. Focusing on our behaviors at work and in relationships, he offers new insights and eye-opening truths about what really motivates us on the job, how one unwise action can become a long-term habit, how we learn to love the ones we're with, and more. Drawing on the same experimental methods that made Predictably Irrational one of the most talked-about bestsellers of the past few years, Ariely uses data from his own original and entertaining experiments to draw arresting conclusions about how—and why—we behave the way we do. From our office attitudes, to our romantic relationships, to our search for purpose in life, Ariely explains how to break through our negative patterns of thought and behavior to make better decisions. The Upside of Irrationality will change the way we see ourselves at work and at home—and cast our irrational behaviors in a more nuanced light.

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