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A review by ranahabib
Predictably Irrational: The Hidden Forces That Shape Our Decisions by Dan Ariely
5.0
Rating: 9.5/10
If you're interested in learning more about Behavioural Economics -- START WITH THIS BOOK!!
I genuinely wish I read this before I read Thinking, Fast & Slow because it would've helped so much in tackling the book. I think if you paired Predictably Irrational with Nudge by Richard Thaler, that'd be a really good introduction and foundation to Behavioural Econ.
The whole book is based on the premise that, unlike the teachings of standard economic theory, human beings are actually really irrational. In standard economic theory, economists assume that humans will always end up acting rationally. However, with the combination of psychology and sociology, Ariely proves that humans, predictably so, are highly irrational.
Elements like environment, social norms, market norms, arousal, passion, expectations, money, and ownership can actually alter how we proceed to act in any given situation. The decision-making process of human beings isn't linear and it's actually incredibly naive to believe so (aka, standard economic theory).
In addition to the contents of the book being highly beneficial, I also found Ariely's writing style to be a good balance of humor and straightforwardness. He backs all his claims with his own research that he's conducted over the years (alongside his colleagues) and does a really good job of explaining his findings. His examples were also really relatable (and sometimes a little raunchy) but it made the book 10 times more enjoyable.
Overall a great read and definitely in my top 10 of 2022.
If you're interested in learning more about Behavioural Economics -- START WITH THIS BOOK!!
I genuinely wish I read this before I read Thinking, Fast & Slow because it would've helped so much in tackling the book. I think if you paired Predictably Irrational with Nudge by Richard Thaler, that'd be a really good introduction and foundation to Behavioural Econ.
The whole book is based on the premise that, unlike the teachings of standard economic theory, human beings are actually really irrational. In standard economic theory, economists assume that humans will always end up acting rationally. However, with the combination of psychology and sociology, Ariely proves that humans, predictably so, are highly irrational.
Elements like environment, social norms, market norms, arousal, passion, expectations, money, and ownership can actually alter how we proceed to act in any given situation. The decision-making process of human beings isn't linear and it's actually incredibly naive to believe so (aka, standard economic theory).
In addition to the contents of the book being highly beneficial, I also found Ariely's writing style to be a good balance of humor and straightforwardness. He backs all his claims with his own research that he's conducted over the years (alongside his colleagues) and does a really good job of explaining his findings. His examples were also really relatable (and sometimes a little raunchy) but it made the book 10 times more enjoyable.
Overall a great read and definitely in my top 10 of 2022.