Essay on `` Downright Irrational By Dan Ariely
The purpose of this paper is to review the book, Predictably Irrational by Dan Ariely and more specifically address a single concept discussed in the book.
First, I’ll offer a brief synopsis of the book. Second, I will discuss the concept of the cost of social and market norms from the book. Lastly, I’ll connect the concepts of social and market norms in relationship to a select few concepts discussed so far in the class, ADM 560.
Synopsis of the Book
Predictably Irrational by Ariely presents a series of concepts, experimental findings, and personal stories related to how people make decisions and the research strategies he used over the years to confirm each concept. A few of the concepts included focus on relativity, the influence of cost, social norms, expectations, procrastination and self-control, and distrust (Ariely, 2010). Through his research in behavioral economics, Ariely believes, “that recognizing where we depart from the ideal is an important part of the quest to truly understand ourselves, and one that promises many practical benefits” (Ariely, 2010, p. xix). Dan Ariely is currently the James B. Duke Professor of Psychology and Behavioral Economics at Duke University (Ariely, 2010).
The Cost of Social and Market Norms
Ariely uses striking examples to help explain the concept of social norms, particularly related to cost. He opens with a picture of a wonderful and traditional Thanksgiving dinner and at the end of it…