9780061854545

Predictably Irrational: The Hidden Forces That Shape Our Decisions

by
  • ISBN13:

    9780061854545

  • ISBN10:

    0061854549

  • Edition: Revised
  • Format: Hardcover
  • Copyright: 2/4/2010
  • Publisher: HarperCollins Publications

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Summary

How do we think about money?

What caused bankers to lose sight of the economy?

What caused individuals to take on mortgages that were not within their means?

What irrational forces guided our decisions?

And how can we recover from an economic crisis?

In this revised and expanded edition of the New York Times and Wall Street Journal bestseller Predictably Irrational, Duke University's behavioral economist Dan Ariely explores the hidden forces that shape our decisions, including some of the causes responsible for the current economic crisis. Bringing a much-needed dose of sophisticated psychological study to the realm of public policy, Ariely offers his own insights into the irrationalities of everyday life, the decisions that led us to the financial meltdown of 2008, and the general ways we get ourselves into trouble.

Blending common experiences and clever experiments with groundbreaking analysis, Ariely demonstrates how expectations, emotions, social norms, and other invisible, seemingly illogical forces skew our reasoning abilities. As he explains, our reliance on standard economic theory to design personal, national, and global policies may, in fact, be dangerous. The mistakes that we make as individuals and institutions are not random, and they can aggregate in the marketówith devastating results. In light of our current economic crisis, the consequences of these systematic and predictable mistakes have never been clearer.

Packed with new studies and thought-provoking responses to readers' questions and comments, this revised and expanded edition of Predictably Irrational will change the way we interact with the worldófrom the small decisions we make in our own lives to the individual and collective choices that shape our economy.

Table of Contents

A Note to Readersp. xi
Introduction: How an Injury Led Me to Irrationality and to the Research Described Herep. xxi
The Truth about Relativity: Why Everything Is Relative-Even When It Shouldn't Bep. 1
The Fallacy of Supply and Demand: Why the Price of Pearls-and Everything Else-Is Up in the Airp. 23
The Cost of Zero Cost: Why We Often Pay Too Much When We Pay Nothingp. 49
The Cost of Social Norms: Why We Are Happy to Do Things, but Not When We Are Paid to Do Themp. 67
The Influence of Arousal: Why Hot Is Much Hotter Than We Realizep. 89
The Problem of Procrastination and Self-Control: Why We Can't Make Ourselves Do What We Want to Dop. 109
The High Price of Ownership: Why We Overvalue What We Havep. 127
Keeping Doors Open: Why Options Distract Us from Our Main Objectivep. 139
The Effect of Expectations: Why the Mind Gets What It Expectsp. 155
The Power of Price: Why a 50-Cent Aspirin Can Do What a Penny Aspirin Can'tp. 173
The Context of Our Character, Part I: Why We Are Dishonest, and What We Can Do about Itp. 195
The Context of Our Character, Part II: Why Dealing with Cash Makes Us More Honestp. 217
Beer and Free Lunches: What Is Behavioral Economics, and Where Are the Free Lunches?p. 231
Bonus Material Added for the Revised and Expanded Edition: Reflections and Anecdotes about Some of the Chaptersp. 245: Thought
Thanksp. 331
List of Collaboratorsp. 335
Notesp. 341
Bibliography and Additional Readingsp. 345
Indexp. 355
Table of Contents provided by Ingram. All Rights Reserved.

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Customer Reviews

Insightful quick read July 27, 2011
by
In this textbook, Dan Ariely describes some of the ways people act and react to various real life economic situations. He provides great insight into context of why we do some of the things we do and supports his conclusions with examples of some of the research he has performed with other researchers. Incredibly well written and a quick read.
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Predictably Irrational: The Hidden Forces That Shape Our Decisions: 5 out of 5 stars based on 1 user reviews.

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