Predictably Irrational: 6 key ideas
The core ideas of Predictably Irrational, each in under a minute, written in our own words. Want the full depth? Get the book.
- IDEA 1 OF 6
Relativity
We judge value by comparison.
Adding an inferior decoy option can make a target choice look much better.
- IDEA 2 OF 6
The cost of zero
Free feels disproportionately attractive.
People pick a free item over a better deal that costs a little.
- IDEA 3 OF 6
Social versus market norms
Mixing money into social relationships changes them.
Paying a friend for a favour can feel insulting.
- IDEA 4 OF 6
Arousal changes decisions
In emotional states we predict our behaviour poorly.
Make important rules while calm.
- IDEA 5 OF 6
Procrastination and commitment
Self-imposed deadlines help, though external deadlines work better.
- IDEA 6 OF 6
Expectations shape experience
Price and branding can change how much people enjoy something, even the taste of food.
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