I think Mr. M could easily label me “predictably irrational.” No matter how I try to run my life by logic and reason, something always seems to get in the way to throw my decisions for a loop.
That’s why I think I’m enjoying the book by the same name so much. It’s certainly a companion book to Freakonomics, but with a little more of a personal than scholarly twist. For instance… the first chapter deals with the decoy and how our choices always center around choosing the best alternative. All any savvy merchant needs to do is post a decoy option (usually something priced in the middle) and we’ll automatically sense a false deal and opt for the choice they’re pointing towards. It’s honestly quite frustrating to realize we operate so inefficiently.
Hopefully after I’m done I’ll be able to clearly execute my actions in a more rational economic way… or at the least, be able to recognize when I’m making an irrational decision.