Ariely’s book from 2008 in which he questions readers’ beliefs about making logical judgments.
According to Ariely, “My objective is to help you fundamentally rethink what makes you and the people around you tick by the conclusion of this book. I want to get you there by sharing various scientific experiments, discoveries, and anecdotes, many of which are pretty entertaining. I believe you will begin to understand how to prevent some of these mistakes once you recognize how systematic they are how we repeat them over and over “. The book has been republished in a “revised & expanded edition.”
Ariely discusses how individuals typically perceive their surroundings in terms of their relationships with others in Chapter 1; that is how the human brain is structured. People compare not just easily similar things but also those that are not. If offered the choice between Paris with complimentary breakfast, Rome with complimentary breakfast, and Rome with no breakfast included for a honeymoon, most people would choose Rome with the complimentary breakfast.
The argument is that comparing the two Rome alternatives is more accessible than reaching Paris and Rome. The importance of the decoy effect or asymmetric dominance effect in the decision-making process is further explained by Ariely. When consumers are provided with a third choice that is asymmetrically dominant, the decoy effect occurs.
They will tend to have a particular shift in preference between two options. In many decisions, this impact acts as a “secret agent.” The decoy in the example of honeymoon possibilities is Rome without complimentary breakfast. It gives the impression that Rome with breakfast is better than Rome without breakfast.
“The more we have, the more we desire,” Ariely concludes the chapter, and his proposed solution is to stop the relativity loop. People have power over what happens around them, which can help them stop the pattern. Focusing on smaller “circles,” as well as shifting from a narrow to a broad focus, can increase relative pleasure. When thinking about updating a phone, consumers should evaluate what else they could buy with the money saved from the update.
This article is curated by Prittle Prattle News.
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