Predictably Irrational: The Hidden Forces That Shape Our Decisions
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Read between April 23, 2021 - December 20, 2022
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to the extent that we all believe in human rationality, we are all economists.
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most people don’t know what they want unless they see it in context.
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think it’s because humans are intrinsically afraid of loss. The real allure of FREE! is tied to this fear. There’s no visible possibility of loss when we choose a FREE! item (it’s free).
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In other words, our participants worked harder under the nonmonetary social norms than for the almighty buck
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Because once market norms enter our considerations, the social norms depart.
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Gifts are also effective for sofas, and offering people a gift, even a small one, is sufficient to get them to help; but mention what the gift cost you, and you will see the back of them faster than you can say market norms.