Consumer Follies ; in Predictably Irrational, Dan Ariely Shows That Humans Are Easily Manipulated and Predisposed Towards Chasing Worthless Options, Says Rajiv Rao.

Summary

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In 1776, Adam Smith wrote wealth of Nations, which hinged on the presumption that humans were essentially selfinterested, rational people. Behavioural economist Dan Ariely has imploded many of these assumptions that have formed the bulwark of modern, free market capitalism.

The one thing that sets us humans apart from the animal kingdom is our innate ability to make rational decisions. Nothing can be further from the truth, argues Ariely, who spends much of the book demonstrating almost gleefully, through seemingly quirky but ultimately profound experiments that we can be easily manipulated, time and time again.

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Extract

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Consumer Follies ; in Predictably Irrational, Dan Ariely Shows That Humans Are Easily Manipulated and Predisposed Towards Chasing Worthless Options, Says Rajiv Rao.

Ariely reveals that humans essentially focus on the relative advantage of one thing over another and this has major implications on the choices that we make. In one experiment, the author ...

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