Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dan Ariely Summary and Reviews
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Book Reviews of Predictably Irrational: The Hidden Forces That Shape Our Decisions
Book Review: A fun, yet educational read
Summary: 4 Stars
I was also one of Dan Ariely's students this fall, so while I was lucky to have had my reading complemented by lectures and in-class experiments, the book itself was good enough that I read it twice. While the insight here is not that people are irrational--as other reviewers have postulated--that is a well-known fact of life. Otherwise, we would all recycle, eat healthy foods, exercise, and "Deal or No Deal" would never be a supenseful television show. What is interesting is Dan's insights into the common and predictable nature of these quirks of human nature. I actually found this book very inspiring rather than depressing, because Dan shows us that we can actually understand humans' strange behavior and change our collective paradigm so that we work with, not against, these forces. The implications for people in law enforcement, policy, product development, teaching, and nearly any other walk of life are vast and exciting. In short, I highly recommend this book because it is both entertaining and informational. Enjoy!Book Review: Profoundly Depressing
Summary: 5 Stars
Dan Ariely presents data suggesting that our capacity for decision making is based primarily on our ability to compare things and ideas. Further experiments show that manipulation of one item dramatically changes the comparitive worth of similar items and, specifically, changes how we value those similar items.
If one buys into Ariely's arguments, and his experiments are rather convincing, it suggests most of our decision-making is based on unconscious, arbitrary comparisons formed minutes or years prior. I find that to be a convincing but profoundly depressing view of human nature.
True, Ariely suggests we can and should find our way out of this arbitariness by living Plato's "examined life." Perhaps this is possible in the world of acedmia. The reality for most makes a the examined life an impossibility. People make to many decisions to spend time contemplating the worth of a "number two value meal" compared to the "number three." Our decision making process is largely automatic. Given a list of 100 grocery items and 45 minutes to shop, who could ever have the time to contemplate the value of Prego over Ragu over Newman's own... and still have time to manage the cereal aisle.
In sum, Ariely leads me to view my life as an arbitrary conglomeration of initial anchors. A few times a day I can make an examined decision... the rest of the time I live based upon the fog of the past.
Book Review: un-predictably irrational
Summary: 1 Stars
I purchased the book to learn something about the human nature. I found author's examples of irrationality interesting but quite obvious to anyone who is even marginally observant. Since the human behavior interests me, I read the book.
Then the author came to a surprising conclusion - the free market price mechanism is not working because the people make decisions irrationally. It is some time since I read the Wealth of Nations, but I do not recollect rationality as the condition for free movement of price.
Not content with that strange reasoning, the author capps it with a whopper: The government policies are needed for markets to work "for the best". Now that is REALLY irrational!
I finally lost it when the author advises return to the "social norms" to replace "market norms". Anyone with cursory knowledge of 20th century history will recognize this as socialism - you work for your Socialist state, your Fuehrer, your "society", not for money. There is name for complete replacement of "market norms" with "social norms" - it is called SLAVERY.
I bought the book to learn about irrational human behavior. The book is irrational, but in an unpredictable way.
Book Review: Interesting, Living, and Engaging
Summary: 5 Stars
Rarely do a buy a book through spontaneity. But I was in Target last week and noticed this book. I picked it up and flipped through the pages. The content seemed interesting. From the beginning impression to the final impression, the book did not disappoint. It was a great read about behavioral economics. It highlighted studies of how peer pressure and slogans influence our decisions. This style of economic thought differs from the classic economics because of the classic approach of assuming that all business transactions deal with rational people, but this discipline of thought realizes the wide variety of influences over our buying decisions. The book is more than just a technical rendering of the material, it has fresh insights and helpful application. If someone enjoyed Freakonomics, then this book is a must read.Book Review: One of the best books connecting economics and human influence on the market today
Summary: 5 Stars
Predictably Irrational is an exceptional book on a number of fronts.
First, from the writing style, it is absolutely accessible and that isn't always the case when academians convert research into a book designed for the mass market. This book is as accessible and interesting to read as Freakonomics was.
Second, this is the first book to do such a thorough job of connecting psychology, human behavior and economics.
This book should be an immediate read for every marketer, salesperson, CEO or non-profit without exception.
When you read this book you'll learn about how you and I make decisions and if you are honest you'll recognize yourself over and over in the reading. You and I make decisions the same way everyone else does. And, as a marketer, a salesperson, a funds solicitor for a non-profit, we'll make more, get more and achieve more to the extent that we leverage these automatic processes.
Most people don't fight or even acknowledge their own decision making processes, they just go through the process. What they think is control is really an illusion as this book so clearly points out. You and I can and are regularly influenced subliminally by the way information is presented.
The chapters on Free and the chapter on The Fallacy of Supply and Demand are invaluable. Ariely's explanation of price anchoring will change how you think about MSRP or even your intitial pricing discussion in sales. His experiement using the last two digits of your social security number is very eye opening. This is also an example of something very easy for you to test in your own marketing organization or social group.s
Interestingly, where at the time of this review we are facing a recession, I find this book essential reading for those who would change the face of the recession as well as the duration.
It was interesting to me to read some of the negative reviews of the book but most of them focused on wanting to challenge the conclusions without reading all of the research papers. And, I didn't see many of the people who were critical provide the level of observational credibility that Mr. Ariely does.
This book just made it to my desktop library, the 10 books I'll refer back to again and again when I create marketing material, influence strategies or consult with clients.
This book is a powerful read.