And if irrational consumer behaviour is predictable, then for marketers, it’s an opportunity.Īttacking the rational choice theory that underpins most marketing models, Ariely uses behavioural economics, a fusion of economics and psychology to explain how consumers do behave, rather than how they should. On the contrary – irrationality is systematic and predictable, a function of human “bounded rationality” (rationality bounded by limitations of time, data and processing power).
The main thrust of the book is that consumers are systematically irrational in their behaviour – at best making sub-optimal choices, and at worst engaging in self-punishing behaviour.īut irrationality does not make consumer behaviour random or senseless. Predictably Irrational is the bestselling book on irrational consumer behaviour by psychologist and MIT professor Dan Ariely. Publication: 2010 (Revised Expanded Ed.).Predictably Irrational: The Hidden Forces that Shape Our Decisions.Mixing case studies and anecdotes with tangible advice and lessons, they cut through the unconscious fears and desires driving our worst financial instincts and teach us how to improve our money habits.įascinating, engaging, funny, and essential, Dollars and Sense is a sound investment, providing us with the practical tools we need to understand and improve our financial choices, save and spend smarter, and ultimately live better. Partnering with financial comedian and writer Jeff Kreisler, Ariely takes us deep inside our minds to expose the hidden motivations that are secretly driving our choices about money.Įxploring a wide range of everyday topics-from credit card debt and household budgeting to holiday sales-Ariely and Kreisler demonstrate how our ideas about dollars and cents are often wrong and cost us more than we know. In Dollars and Sense, world renowned economist Dan Ariely answers these intriguing questions and many more as he explains how our irrational behavior often interferes with our best intentions when it comes to managing our finances. Why are we comfortable overpaying for something now just because we've overpaid for it before? Why does it cost you money to act as your own real estate agent? Why does paying for things often feel like it causes physical pain? Blending humor and behavioral economics, the New York Times bestselling author of Predictably Irrational delves into the truly illogical world of personal finance to help people better understand why they make bad financial decisions, and gives them the knowledge they need to make better ones.
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