Predictable Irrationality in Decision Making

We referred to Dan Ariely in our previous post on Cognitive Biases. According to him we, as human beings, exhibit predictable irrationality in our decision making process. This video gives you an insight into his theory of irrationality and how it impacts the decision making process of people.

 

Dan Ariely is the Alfred P. Sloan Professor of Behavioral Economics at MIT Sloan School of Management. He also holds an appointment at the MIT Media Lab where he is the head of the eRationality research group. He is considered to be one of the leading behavioral economists. Currently, Ariely is serving as a Visiting Professor at the Duke University, Fuqua School of Business where he is teaching a course based upon his findings in Predictably Irrational.

Ariely was an undergraduate at Tel Aviv University and received a Ph.D. and M.A. in cognitive psychology from the University of North Carolina at Chapel Hill, and a Ph.D. in business from Duke University. His research focuses on discovering and measuring how people make decisions. He models the human decision making process and in particular the irrational decisions that we all make every day.

Ariely is the author of the book, Predictably Irrational: The Hidden Forces That Shape Our Decisions, which was published on February 21, 2008 by HarperCollins.

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