Dan Ariely Predictably Irrational

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Information about Dan Ariely Predictably Irrational
Business & Mgmt

Published on February 22, 2014

Author: anubhavmis1

Source: slideshare.net

A BRIEF SUMMARY Anubhav Mishra Fellow @ IIM Lucknow, (Marketing) February, 2014

Background  An amazing book on human behavior.  This presentation is an attempt to summarize the key points and learnings, and moreover to generate curiosity and interest in the minds of the reader to read the actual book.  A must read book! Very inspiring!  This work can be considered as my respect to the excellent author “Dan Ariely”.

Chapter 1 – The Truth About Relativity  Tendency to compare things for decision making, easiest comparison wins the day.  So, try to control the circles around us.  Change focus from narrow to broad.  The more we have, the more we want – understand this and break out of it.

Chapter 2 – The Fallacy of Supply & Demand  Imprinting, anchoring and arbitrary coherence (pearls, diamonds).  “The Adventures of Tom Sawyer” – transform the negative experience to a positive one.

Chapter 3 – The Cost of Zero Cost  Zero is not just another price.  Free is goooood. Zero price effect.

Chapter 4 – The Cost of Social Norms  We are happy to help and do things, but not when we are paid to do them. Try offering money to your mother-in-law for the dinner on thanksgiving!

Chapter 5 – The influence of Arousal  Dr Jekyll and Hyde  Feelings (sexual arousal, happiness, anger etc.) have an impact on decision making  Safe sex, safe driving (before the hear, and during the heat!)

Chapter 6 – The Problem of Procrastination and Self-Control  We can’t make ourselves do what we want to do!  Dismal savings rates  Health care, medical check ups

Chapter 7 – The High Price of Ownership  We overvalue what we have  For example - selling old car  We attach our memories and past and put higher prices  What we see is the entertaining ride to Disney park, however the buyer sees the 20,000 miles already done

Chapter 8 – Keeping Doors Open  Options beyond a particular point distract from main objective  Multiple dating – current and with ex, hoping to make it better  Winning strategy of Xiang Yu  Problem of multiple open doors

Chapter 9 – The Effect of Expectations  Mind gets what it expects  Taste tests – Pepsi and Coke – Blind Vs. Open  Neuroscience DLPFC…) (fMRI, VMPFC,

Chapter 10 – The Power of Price  50 Cent vs. a penny aspirin  What is premium in premium coffee?  Pricing drives the efficacy of placebo  What if Apple starts selling a phone for $100?

Chapter 11 – The Context of Our Character, 1  We are dishonest!  Sigmund Freud – we internalize social virtues -> superego  Internal honesty monitor is inactive for minor thefts  Read religious texts, recall professional oath, act with integrity

Chapter 12 – The Context of Our Character, 2  Dealing with cash makes us more honest  Ten commandments  Ward robing, reporting loss for insurance

Chapter 13 – Beer or Free Lunches  Behavioral economics  Rational vs. irrational  Order first in restaurant!

Acknowledgement  Sincere thanks to the all who have created a lot of designer fonts and made them available for free to use. I have used few of them in this presentation. Thanks!  I have used the images which are available on the public domain. In case of any copyright issue, just let me know, so that I can remove them. The usage is purely non commercial.

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