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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Predictably Irrational summary
The Hidden Forces That Shape Our Decisions
21 mins
Brief summary
Predictably Irrational by Dan Ariely discusses how we make irrational decisions in different situations. It's an eye-opening read that explores our cognitive biases, decision-making patterns, and the role of emotions in shaping our choices.
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Predictably Irrational
Summary of 9 key ideas
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Key idea 1 of 9
To appraise things, we compare them to others.
Are you single? Here’s a surprising tip on how to attract potential dating partners at a club: bring along a friend who looks similar to you, only is slightly less attractive. This will greatly increase your chances of success.
Why?
Our minds are fundamentally wired to look for comparisons. What’s more, we tend to do this in the laziest way possible: by using the easiest comparisons around.
By showing up at a bar with a slightly less attractive version of yourself, you’re giving your potential dating partners an easy comparison. Instead of going to the trouble of comparing lots of different-looking people, they can clearly see that you are preferable to your friend. Since you won this easy contest and other comparisons are harder to make, you will probably be seen as the cutest person at the club. Congratulations! Just don’t tell your friend why you’ve invited them out.
The same tendency to compare applies to prices of products, and many marketers take advantage of this by introducing expensive “decoy products” that make other things seem cheaper by comparison. For example, some savvy restaurants will deliberately overprice the most expensive item on their menu, so customers will then feel the second most expensive item is relatively cheaper and wind up ordering it.
Though comparing helps us make decisions, it can also make us miserable. Constantly comparing your salary, clothes or car to others’ will leave you envious and in a state of perpetual displeasure with what you have. After selling his Porsche Boxster, James Hong, cofounder of hotornot.com, said:
“I don’t want to live the life of a Boxster, because when you get a Boxster you wish you had a 911, and you know what people who have 911s wish they had? They wish they had a Ferrari.”
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What is Predictably Irrational about?
Predictably Irrational (2010) explains the fundamentally irrational ways we behave every day. Why do we decide to diet and then give it up as soon as we see a tasty dessert? Why would your mother be offended if you tried to pay her for a Sunday meal she lovingly prepared? Why is pain medication more effective when the patient thinks it is more expensive? The reasons and remedies for these and other irrationalities are explored and explained with studies and anecdotes.
Predictably Irrational Review
Predictably Irrational (2008) by Dan Ariely is a captivating exploration of the hidden forces that shape our behavior and decision-making processes. Here's why this book is definitely worth reading:
- With thought-provoking experiments and real-world examples, it reveals how our irrational tendencies influence our choices, giving us valuable insights into human behavior.
- By revealing the irrational patterns that govern our decision-making, it empowers readers to make more informed choices and understand why we often act against our best interests.
- Ariely's engaging storytelling style and witty anecdotes make the exploration of behavioral economics accessible and entertaining, ensuring the book is far from boring.
Who should read Predictably Irrational?
- Anyone who wants to understand why we indulge in irrational behaviors like procrastination, overeating and overpaying, and how we can avoid this
- Anyone who wants to learn how to counter their innate irrationality and make better decisions
- Anyone interested in social psychology and people’s decision-making behavior in general
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Predictably Irrational FAQs
What is the main message of Predictably Irrational?
The main message of Predictably Irrational is that our behavior is often irrational and predictable, and understanding our biases can help us make better decisions.
How long does it take to read Predictably Irrational?
The reading time for Predictably Irrational depends on the reader, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is Predictably Irrational a good book? Is it worth reading?
Predictably Irrational is a thought-provoking book that explores the hidden forces that shape our decisions. It's definitely worth reading for those interested in behavioral economics.
Who is the author of Predictably Irrational?
The author of Predictably Irrational is Dan Ariely.
What to read after Predictably Irrational?
If you're wondering what to read next after Predictably Irrational, here are some recommendations we suggest:
- Nudge by Richard H. Thaler and Cass R. Sunstein
- The Chimp Paradox by Prof Steve Peters
- Mindwise by Nicholas Epley
- Noise by Daniel Kahneman
- Black Box Thinking by Matthew Syed
- Thinking, Fast and Slow by Daniel Kahneman
- Emotional Intelligence by Daniel Goleman
- The (Honest) Truth About Dishonesty by Dan Ariely
- The Upside of Irrationality by Dan Ariely
- 13 Things Mentally Strong People Don't Do by Amy Morin