Recently, I was reading a book titled “Predictably Irrational” by Dan Ariely . It talks about how we humans take unreasonable and baseless decisions in different situations. At first, I thought the book was another one of those philosophical writings that are true only on paper. But after reading the book, it really made me realise the fickleness, the irrationality, the timidness and the impulsiveness of our race.
Why do we drive at high speeds even when we know that there is a high risk of an accident? Why do we try to keep all options open even when we know that options are just not worth our while. We often make opinions about things before even trying them. We are willing to spend a few extra hundred bucks while dining at a fine dining restaurant while we try to save the tiniest amount of money while buying cereal or vegetables. A student is often not able to give procrastination even when he knows he might not do well in the upcoming examsWe choose to buy things which we don’t need but get them “just in case”. For example- a man might buy an Audi over a minivan even if it is difficult to adjust whole of his family in his car.
An experiment was conducted where a Hershey Kiss was priced at one cent and a Lindtt bar at 50 cents. Most people bought the Lindtt Bar. But when the Hershey Kiss was offered for free and the Lindtt bar at 49 cents , people tended to buy the Hershey Kiss just becuase it was “FREE” and did not compare the total utility they would get out of both of the chocolates.
We often overvalue our possessions just because we develop an attachment with it and don’t see what the market is willing to pay for it. For example, in an experiment conducted at Duke University(which is totally mad for basketball), an average student was willing to pay around $100-200 for a ticket to a university basketball game. On the other hand, student whole owned a ticket were willing to sell their ticket for no less than $2400.
These are all experiments conducted by different psychologists and economist which show how us humans are not always rational. Most economic laws assume that humans are rational which is a fallacy.
Now, if I speak of my personal experiences, people who considered me to be special have often started treating me as a normal person just because of a single thing and don’t consider all the good things that might have happened in the past. You can do any limits for anyone but impulsively they would end up saying that they don’t need you. To add to that, they behave completely normal as if nothing happened. One day you are best friends, the next day complete strangers.This impulsiveness of people really sickens me.
People are indeed forests of impulsiveness and irrationality.
Over and Out.