#0003 - Predictably Irrational

I don't re-read books very much.

In fact, Dan Ariely's book on behavioral economics was the first I've re-read in years.

I first read it back in 2015 as a first year MBA student at Foster - he (or his work) must have come up in a class and it was interesting enough for me to seek out. I was walking to and from school at the time and found myself with a lot of listening time available and I started using Audible more and more. At the very least, the narrator alone is worth spending a credit on this book!

It's interesting to go back and read something like this as I hadn't realized just how much I took away from this book (and, likely, so many others) I was using in my work on a regular basis.

Each chapter is focused on a certain experiment performed - Dan outlines the "rational" situation and digs into the research performed to explore each behavior - for example, the impact of zero cost and how the decisions people make change based on the cost of those items - obvious, right? But the example he outlines offers a choice between a Hershey's Kiss and a chocolate truffle - the percentage of people who choose the truffle over the Hershey Kiss when there is a cost (even a minimal cost) associated versus the percentage of people who choose the Kiss over the truffle when the Kiss option is free is incredibly interesting.

He takes similar behaviors and uses experiments to analyze them. I came away from this book with a new understanding of why people behave the way they do and how we might be able to influence that behavior.

There's a lot to take away from this book and I really enjoyed it. However, as entertaining as the narration was - because I listened to this during my commute and not with a pen and the book in front of me, I didn't get to take notes or make as many observations throughout.

If you're at all interested in why people do what they do - I'd recommend this book.