Notes on Management 110422

As rational beings go, humans can be pretty irrational, found psychology professor Dan Ariely. Weighing in options while making decisions, we don't always act reasonably. How else do we explain wardrobes full of clothes we are never going to wear or buying things we don't need?

We are all freeloaders, analyzes Dan Ariely. At the mention of the word “free” our sense of judgment goes out the window and we lose all rationale to run after something that we perceive as valuable while costing us nothing.

A decoy is an option designed to drive you toward a particular choice. When considering a decision, be aware of the decoy option and make sure you make the decision you want.

The anchor data point in your decision making is the initial point against which you judge other options. Assess options based on merit rather than the anchor.

Often, you adopt a new behavior because other people are doing it. When confronted with a new option, question its relative merit; consider consequences and alternatives.

Free offers can lead to irrational purchase decisions. The cost of that decision in time, quality, effort, or space may be greater than money.

Non-cash rewards can be more motivating than money. Bring social norms—respect, time and appreciation—into your profession or work place to inspire trust and goodwill.

Procrastination is natural to the human condition. To overcome it, impose consequences for inaction and external accountability.

Pursuing every option is irrational and unproductive. To maxmize productivity, make decisions quickly and move forward.

Emeritus Book INsights on Predictably Irrational by Dan Ariely

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