After a long time, I was able to read a book, it’s called ‘Predictably Irrational’ by Dan Ariely.
(if you interested in few deals, please go through the 1st comment)
The author points at the following: no matter how logical/rational we are, there is an irrationality built-in a lot of us. For a huge lot of the society, it is fairly predictable.
And an upshot of it is: Companies producing consumer-goods piggyback on this predictable irrationality ingrained in each one of us, and make merry!
The author is a double-doctorate in Psychology and Behavioral Economics and is the winner of Ig Nobel Prize.
And if this doesn’t appeal to you enough, here’s my final attempt.
Here are my 5 top-most take back for from this book:
1) Let’s say, you see this price quotation:
-e-book for $59
-hard copy book for $125
Which one do you choose?
Provided one is comfortable with either of the reads, it’s likely one may choose $59 option.
Now, let’s add another option to the deal:
-e-book for $59
-hard copy book for $125
-both for $125.
What is your choice now? and why does your opinion change?
2) Which one do you use from the following:
– A $20 Gift Certificate discounted to $7
– A $10 Gift Certificate for FREE.
Did you notice that the first one is a better deal?
3) Remember those ’30 days money back’ offers?
Ever wondered if people start returning the products at the end of 30 days, will the business exist at the first place?
4) When you try to sell something, why the buyer’s quote is always lesser than what you are expecting?
5) Why the ambiance of a restaurant has an effect on the taste of your food? or Why an expensive pain-killer seem to be more effective than a cheaper one? (even though composition-wise they both may be the same)
And here’s a final punch of quotes from the book:
Rich now envy super-rich.
Free sex is the most expensive sex.
Money, as it turns out, is the most expensive way to motivate people.
Randomly Here and There 