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He talks to Robert Siegel about his experiments, which involve activities such as mock auctions, trick-or-treating and selling chocolate to college students. "Our willingness to pay, it turns out, is not just a function of the utility of the pleasure that we expect to get from, it's also influenced by all kinds of irrelevant factors that change our psychology but not our economic reasoning," Ariely says.Īriely is on the faculty of the Massachusetts Institute of Technology he's currently on leave and teaching at Duke University. Predictably Irrational explains how the reasoning behind those decisions is often flawed because of the invisible forces at work in people's brains: emotions, expectations and social norms. Instead, he finds, humans are "predictably irrational," which is also the title of his latest book. His conclusion? We don't do it the way economists typically say we do. As a behavioral economist, Dan Ariely studies the way people make economic decisions.
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