Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dr. Dan Ariely (Author)

Publisher: MANAGEMENT SCIENCES

Availability: In Stock
SKU: 57180
Number of Pages: 384

Rs.770.00

Rs.1,090.00

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Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dr. Dan Ariely explores the fascinating world of human decision-making and how we often make choices that are not as rational as we might believe. Dr. Ariely, a behavioral economist, uncovers the hidden psychological factors that drive our decisions, revealing how our judgments are swayed by emotions, social influences, and cognitive biases. Through a series of captivating experiments and real-world examples, he shows that our decisions, whether about money, relationships, or consumer products, are often irrational, yet follow predictable patterns. By understanding these patterns, individuals and businesses can make better choices, improve their decision-making processes, and even design more effective policies and marketing strategies.

Key Points:

Human Decision-Making Is Predictably Irrational
Dr. Ariely demonstrates that while our decisions may appear random or impulsive, they often follow recognizable patterns influenced by unseen forces.
The Influence of Anchoring
One of the major psychological factors affecting decisions is "anchoring," where our choices are influenced by initial information or reference points, even when it's irrelevant.
The Power of Free
People tend to overvalue items that are free, even when the free option may not be the best choice, showing how the concept of "free" can cloud our rational judgment.
Social Norms vs. Market Norms
The book contrasts social norms (based on relationships and reciprocity) with market norms (based on money and transactions), explaining how our behavior changes depending on the context.
The Effect of Relativity on Decision-Making
Our choices are often influenced by comparisons. Ariely discusses how we tend to make decisions relative to other options rather than evaluating them in absolute terms.
The Influence of Emotions on Decisions
Emotions, both positive and negative, play a significant role in our decision-making processes, often overriding logic and reason.
The Impact of Expectations
Expectations can shape how we perceive and experience outcomes, such as in the case of price versus quality. High expectations can lead to better experiences, even when the actual product is no different.
Self-Control and the “Hot” and “Cold” States
Dr. Ariely explores how self-control varies depending on whether we are in a "hot" state (emotional, impulsive) or a "cold" state (rational, deliberate), and how this affects our decisions.
The Role of Trust in Decision-Making
Trust and social relationships influence how we make decisions, whether we are purchasing a product, choosing a service, or collaborating with others.
Policy Implications and Behavioral Economics
Dr. Ariely shows how understanding the irrational factors that affect human behavior can help governments, businesses, and organizations design better policies and strategies that align with real human behavior.

Conclusion:
Predictably Irrational by Dr. Dan Ariely offers valuable insights into the hidden forces that influence our decisions, helping us understand why we often make choices that seem illogical or contradictory. By recognizing the patterns behind these irrational behaviors, both individuals and organizations can improve their decision-making and design more effective strategies, whether in business, policy, or everyday life. Ariely’s engaging storytelling and thought-provoking experiments challenge our understanding of human behavior, revealing how we can make better, more informed choices by acknowledging the irrational forces that shape our world.

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Writer ✤ Dr. Dan Ariely (Author)

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