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Summary

<h1 id='key_points'>Key Points</h1> <ul> <li>People are not the rational “homo economus” of classical economics, but they are irrational in predictable ways.</li> <li>Most customer comparisons are relative, rather than absolute: you compare something you’re thinking of purchasing with other similar things, rather than judge the features and price in a vacuum.</li> <li><a href='http://en.wikipedia.org/wiki/Anchoring'>Anchoring</a> has large effects on prices.</li> <li>“FREE!” has a striking effect on people, causing them to make irrational decisions.</li> <li>Social interaction and market interaction are two distinct fields, and mixing them can have unintended consequences.</li> <li>People’s emotional state can have a major impact on their decision making process.</li> </ul> <h1 id='summary'>Summary</h1> <h1 id='links'>Links</h1> <p><a href='http://www.predictablyirrational.com/'>http://www.predictablyirrational.com/</a></p>