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Loy Machedo's Book Review - Predictably Irrational by Dan Airely

410 views · Published 5 March 2013 · 4:27 · Indexed 4 November 2026

Channel: Loy Machedo · 2013 · Education

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There are a few books you can read once. There are some others which you not only read but love to read the second or third time. Dan Ariely's book Predictably Irrational is one such book. And guess what? This is the third time I have read this book - the first time being on 9th August 2010 (and yes, also reworking on the Book Review)

Dan Ariely an economist at the MIT, who seems to have the time, interest and fascination to conduct Goofy, Genial, Great and God-like experiments to find out how people react and how you can predict but not rationalize human behavior. His experiments which are spanned across the 15 chapters, cover a wide range of behavioral avenues like sex, buying & selling, the cost of FREE, the impact of expectations, the strange power of price etc.

Why you should read this book?
• The experiments are not just funny but original and very interesting.
• There is a feel of sincerity throughout the book with the author ready to take the stand of discovering something new rather than focusing on what he believes is right
• The book is absolutely thought provoking.

Pitfalls of the book?
• The experiments conducted were on students of the MIT. Could the results be applicable to everyone is a big question.
• Being an economist himself, could Dan use his findings as an Economic Theory? I have my doubts on its acceptance rather than its accuracy
• What next for these findings?

Overall Comments
Though I have stated both the positives as well as the negatives, I can tell you without a doubt that it was harder for me to think of the pitfalls for this masterpiece than it was for dig out the gems. I found this book to be a worthwhile classic that would be remembered for a long time to come. In fact, there is a strong underlining demand for the author to come out with another book. The question is when.
An amazing book that still has the charm and the charisma to make you want to read more -- yet again.

Overall Ratings
9 out of 10.

Loy Machedo
loymachedo.com | loymachedo.tv

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(Older Review as on 28th August 2010)

Which is a better compliment to offer your child?

1. You are hard-working
2. You are gifted

Which one is more harmful in the long rung?
And then, why?

"Predictably Irrational," is a book written by an MIT economist Dan Ariely that explains, elaborates and exemplifies these strange questions.

It is a book that seeks to shed light into the rather relatively new world of behavioral economics and seeks to simplify how simple decisions are made by a complex mind. And the part that sets the book into motion are the experiments performed on human beings -- not the ones you would see in a horror movie but rather goofy ones you could even perform with your 10 year old child.

He covers a wide area of interests -- from sexual attitudes to a persons ability to cheat to how much pain would one want to undertake for a small payment. And there are humorous but shocking results when you realize that people even unconsciously react when they are asked to read and remember that they belong to a non-existent code of honor.

One would even be surprised to know what impact the word 'free' has on people.

"Predictably Irrational" is a far more revolutionary book which is a concise summary of why today's social science increasingly treats the markets-know-best model as a fairy tale.

If nothing else, you would read this book and realize why you are more aware of things that happen around you -- which don't make sense but always keep happening.

And in the end may be shower the book with a few compliments like "brilliant," "fantastic" or "delightful" to summarize your experience.

Overall rating 9 out of 10.

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