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| title | chunk | source | category | tags | date_saved | instance |
|---|---|---|---|---|---|---|
| Predictably Irrational | 3/3 | https://en.wikipedia.org/wiki/Predictably_Irrational | reference | science, encyclopedia | 2026-05-05T08:55:07.556130+00:00 | kb-cron |
=== The High Price of Ownership === In chapter 8, Ariely discusses how we overvalue what we have, and why we make irrational decisions about ownership. The idea of ownership makes us perceive the value of an object to be much higher if we own the object. This illustrates the phenomenon of the endowment effect—placing a higher value on property once possession has been assigned. The author begins the chapter by using an example of how a lottery for highly sought-after Duke University basketball tickets inflates students' sense of value for the tickets. Students who actually received the tickets valued them ten times more than the students who did not receive them. Ariely gives three reasons why we do not always think rationally when it comes to our possessions:
Ownership is such a big part of our society that we tend to focus on what we may lose rather than on what we may gain. The connection we feel to the things we own makes it difficult for us to dispose of them. We assume that people will see the transaction through our eyes. Ariely also lists the "peculiarities" of ownership as he calls them. One of them is that the harder we work on something, the more we start feeling about them as our own. Take assembling a piece of furniture as an example. Another peculiarity is that sometimes, the sense of ownership comes before the actual ownership, e.g. online auctions. To avoid the endowment effect, Ariely suggests that we create a barrier between ourselves and the material things we are tempted by daily.
=== The Effect of Expectations === In chapter 9, Ariely and other colleagues conducted a series of experiments to determine whether previous knowledge can change an actual sensory experience. One of the experiments was conducted in the Muddy Charles, one of the MIT's pubs. Students visiting the pub tasted two types of beer—Budweiser and the MIT Brew (which contains balsamic vinegar). In the "blind test" the majority preferred the altered brew, but when they were told in advance that it was vinegar-laced, they chose the original Budweiser. Another group of students was made aware of the vinegar content immediately after tasting both kinds of drinks. However, they still reported that they preferred it, proving that knowledge after the experience does not affect our sensory perceptions. Ariely also states that expectations shape stereotypes. Stereotypes provide us with knowledge before the actual experience and thus influence our perceptions. The author describes an experiment in which an objective math exam was administered to two groups of Asian-American women. Before taking the test, the women from the first group were asked questions regarding gender-related issues, whereas the second group had to answer questions about race-related issues. The second group did better than the first one and met the expectation that Asians are good at math. Ariely concludes, "Expectations can influence nearly every aspect in one's life." He presents an argument that expectations can override our senses, partially blinding us from the truth.
=== The Power of Placebo === In chapter 10, Ariely started out with a medical procedure called internal mammary artery ligation for chest pain. The interesting twist is when a cardiologist decided to test the efficacy of this procedure by performing a placebo procedure. The result showed that the placebo is equally effective, thereby disputing the effectiveness of the original surgery. This example is one of many that illustrate the power of placebo in medical science. While the effect of placebo has been knowingly and unknowingly practiced for millennia, the interesting observation Ariely and his collaborators made was that prices of the prescribed medicine can be used as a placebo as well. This chapter ended with a complex and moral question as to whether or not the placebo effect in medicine should be studied more closely or even eliminated systematically.
== Television adaptation ==
In November 2021, it was reported that NBC had put a pilot commitment to a television series adaptation of the book titled The Irrational with Arika Lisanne Mittman as executive producer. In February 2022, it was announced that NBC had given the production a pilot order. In December 2022, it was announced that NBC had given the production a series order with Jesse L. Martin set to star. In May 2023, it was announced that the series would premiere in the 2023–24 television season. The series premiered on September 25, 2023.
== Reception == In a New York Times review, David Berreby said "Predictably Irrational is a far more revolutionary book than its unthreatening manner lets on. It's a concise summary of why today's social science increasingly treats the markets-know-best model as a fairy tale."
== See also == Cognitive bias Dysrationalia Rational choice theory
== Citations ==
== General and cited references == Ariely, Dan (2008). Predictably Irrational, Harper Collins. ISBN 978-0-06-135323-9
== External links == Dan Ariely's official site Predictably Irrational book site Direct link to the papers quoted in Predictably Irrational New York Times book review New Yorker book review