Book Club #7! Our first foray into the Non-fiction genre.
About the Book:
Predictably IrrationalSummary:
Dan Ariely performs research in behavioral economics and attempts to explain his observations and findings in plain language for the general public. People may know better but act completely irrational or be distracted by irrelevant factors from making rational decisions. Examples range from comparing two similar objects and being tricked by marketing decoys to procrastination to how the placebo effect may be effecting clinical trials and inflating drug prices.Characters:
- Dan Ariely
- Irrational people like you and me
Questions:
1. Relativity says that if you provide a decoy (A-) that is
slightly less enticing than the original (A), people will avoid
comparing equally enticing options A and B and focus on the two options
that are easy to compare (A and A-). People typically choose A. Several
marketing examples were given in the book. Are there scenarios in which
relativity/relative advantage does not work? Can you provide an example
where you may think you may have fallen for relativity?
2. Americans have problems saving and getting out of debt. Is there anything you are saving for/debt you are trying to get out of and what technique are you employing? Is there anything you would add after reading this book?
3. Which lesson/advice was most meaningful to you or stuck out to you the most?
4. Dan Ariely recently published an article that about the increasing placebo effect and effects on FDA trials. Do you believe in Western medicine and/or supplements? Do you think they are effective? How do you feel about FDA trials?
2. Americans have problems saving and getting out of debt. Is there anything you are saving for/debt you are trying to get out of and what technique are you employing? Is there anything you would add after reading this book?
3. Which lesson/advice was most meaningful to you or stuck out to you the most?
4. Dan Ariely recently published an article that about the increasing placebo effect and effects on FDA trials. Do you believe in Western medicine and/or supplements? Do you think they are effective? How do you feel about FDA trials?
5.
Free things and public/corporate trust seem at odds. There was a case
that Dan brought up where he actually put money on the table and only
19% of people took the $50 bill from the table. Is there a situation
when you were enticed by something free but didn't take advantage
because of the fine print?
Conversation Summary:
Discussion topics:- sections that stuck out: arousal affecting people's judgement, researchers observed college students more willing to try bestiality or deceiving women for sex
- favorite sections: procrastination, relativity, artificially affecting market demands, placebo effect
- experience: no longer being interested in free items, more skeptical, more in tune with market norms, comparing salaries
- things learned or plans for future change:
- to fight procrastination, make a plan/timeline based on what you know about yourself and employ an authoritative figure to make you stick to it
- do not be fooled by artificial market valuation, lab diamonds are just as good or better than natural diamonds
- consider all factors when comparing options, not just the factors that are easy to compare
- be wary of placebo effect
- other topics: vitamins/dietary supplements, doctors and patient satisfaction, clinical trials, lying/ altering truth, marketing
2/3 bears finished book and loved it
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