Quicklet on Dan Ariely's Predictably Irrational (CliffNotes-like Book Summary)

Once our brains are told to think in market terms, we automatically scale our effort to the compensation. When asked to do something on a social basis, we hold ourselves to a higher standard; at least as high as a highly paid worker

How pronounced is the separation between your social life and your business life? Ariely shows that the line between the two spheres is sharply drawn, but easily crossed.

This example illustrates “arbitrary coherence.”

Because there has never been demand for black pearls, Assael was entirely unable to sell any – until he tried placing them at an extravagant price in the window of a Fifth Avenue jeweler.

ble—and avoid comparing things that cannot be compared easily.

cases in which individuals make repeated mistakes—without being able to learn much from their experiences.”

focus on comparing things that are easily compara

We don’t have an internal value meter that tells us how much things are worth. Rather, we focus on the relative advantage of one thing over another, and estimate value accordingly.