Published on February 22, 2014
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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