Traditional economics assumes that human beings are rational and will consider all their options before choosing the best choice available to them. In his book “Predictably Irrational: The Hidden Forces That Shape Our Decisions,” however, behavioral economist Dan Ariely points out that human beings cannot be depended on to behave rationally and that expectations, emotions, social norms, and other invisible, apparently illogical forces distort our reasoning abilities.
While the field of behavioral economics is a fairly new field, advertisers, retailers and marketers have been analyzing human behavior in order to profit from it. In his book, Ariely summarizes the experiments he did in order to test human irrational instincts. The experiments
While the field of behavioral economics is a fairly new field, advertisers, retailers and marketers have been analyzing human behavior in order to profit from it. In his book, Ariely summarizes the experiments he did in order to test human irrational instincts. The experiments