Watch the six videos listed below. Each one is approximately 4 minutes long and

Question

Watch the six videos listed below. Each one is approximately 4 minutes long and are based on excerpts from Dan Ariely's book "Predictably Irrational" (some of you may have already read the book). After watching these videos, write brief summaries of each one and provide examples to demonstrate that you have understood the concepts. The entire document should be approximately 2-3, and not more than three single spaced pages. While you may refer to external sources, it is not required that you do so. As always, please cite your sources.

Predictably Irrational - Chapter 1- Everything is Relative

Predictably Irrational - Chapter 2 - The Fallacy of Supply and Demand

Predictably Irrational - Chapter 3- The Cost of Zero

Predictably Irrational - Chapter 4- The Cost of Social Norms

Predictably Irrational - Chapter 7- The High Price of Ownership

Predictably Irrational - Chapter 9 -The Effect of Expectations

Here are the Videos.

1 https://www.youtube.com/watch?v=_ERQEVdIinc

2 https://www.youtube.com/watch?time_continue=36&v=FaO3aGmuNFc

3 https://www.youtube.com/watch?v=WS1bwMdgmKc

4 https://www.youtube.com/watch?v=OdjlOgGVRVA

5 https://www.youtube.com/watch?v=drEVExtrUgQ

6 Predictably Irrational - Chapter 9 -The Effect of Expectations

Explanation / Answer

Predictably Irrational - Chapter 1- Everything is Relative

Happiness is not based on what we have rather it is based on what we don't have. This is the irons mentioned by Dan Ariely.

There is one my truth and one your truth in any situation but there is one eternal and universal truth also. That universal truth may match to mine or yours truth or it can be a 3rd dimension to any issue. For example, two people may make two contradictory decisions based upon the same information if that information is presented in different ways. Like a person in India if saying that it is day here and at the same time on call the other person in US says that it is night here. In this case both are right. People compare their own happiness with others positions. One needs to be satisfied with little things of life, nature, people around you.

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