(2)In this landmark work, NEW YORKER columnist James Surowiecki explores a seemingly counter-intuitive idea that has profound implications. Decisions taken by a large group, even if the individuals within the group aren't smart, are always better than decisions made by small numbers of 'experts'. This seemingly simply notion has endless and major ramifications for how businesses operate, how knowledge is advanced, how economies are (or should be) organised and how nation-states fare. With great erudition, Surowiecki ranges across the disciplines of psychology, economics, statistics and history to show just how this principle operates in the real world. Along the way Surowiecki asks a number of intriguing questions about a subject few of us actually understand - economics. What are prices? How does money work? Why do we have corporations? Does advertising work? His answers, rendered in a delightfully clear prose, demystify daunting prospects. As Surowiecki writes: '!
The hero of this book is, in a curious sense, an idea, a hero whose story ends up shedding dramatic new light on the landscapes of business, politics and society'.
A meticulously reported expose uncovers exactly how the drug industry boosts sales and bilks consumers in the most lucrative prescription drug market in the world. As the pharmaceutical industry invests more and more in the development of new drugs, true breakthroughs are few and far between. Into the breach comes a panoply of product-line extensions and me-too drugs aimed at grabbing market share. The industry plows its high profits back into research, but invests an equal or greater sum in flogging its products in every imaginable venue. Research studies are designed to support marketing claims. Many doctors all over the country get their first information about new drugs from a salesperson. And, increasingly, prescription drugs are pitched to consumers on TV and the internet with images of hope, terror, or chic. Evidence-based practice guidelines, which endeavor to get the right medicines to those who will benefit most, can't be heard over the din. Having created an unprecedented number of "megabrands"--blockbuster drugs with huge sales--and undergone an extraordinary wave of consolidation, some drug companies now find themselves in a precarious position. Patents are expiring on flagship products. In order to sustain the growth Wall Street has come to expect, these companies must produce billions of dollars worth of new revenue--fast. But can Americans continue to bankroll Operation Grow Big Pharma? Must we swallow the bad with the good?
Is Behavioral Economics Doomed? The Ordinary versus the Extraordinary 
(6)“This is a wonderful, eye-opening book. Deep, readable, and providing refreshing evidence that there are domains and situations in which material incentives work in unexpected ways. We humans are humans, with qualities that can be destroyed by the introduction of economic gains. A must read!” (Nassim Nicholas Taleb, New York Times bestselling author of The Black Swan: The Impact of the Highly Improbable )
“Sly and lucid. . . . Predictably Irrational is a far more revolutionary book than its unthreatening manner lets on.” (New York Times Book Review )
“Surprisingly entertaining. . . . Easy to read. . . . Ariely’s book makes economics and the strange happenings of the human mind fun.” (USA Today )
“A fascinating romp through the science of decision-making that unmasks the ways that emotions, social norms, expectations, and context lead us astray.” (Time magazine )
“In creative ways, author Dan Ariely puts rationality to the test. . . . New experiments and optimistic ideas tumble out of him, like water from a fountain.” (Boston Globe )
“An entertaining tour of the many ways people act against their best interests, drawing on Ariely’s own ingeniously designed experiments. . . . Personal and accessible.” (BusinessWeek )
“Ariely’s book addresses some weighty issues . . . with an unexpected dash of humor.” (Entertainment Weekly )
“Inventive. . . . An accessible account. . . . Ariely is a more than capable storyteller . . . If only more researchers could write like this, the world would be a better place.” (Financial Times )
“Ariely’s intelligent, exuberant style and thought-provoking arguments make for a fascinating, eye-opening read.” (Publishers Weekly )
“A taxonomy of financial folly.” (The New Yorker )
“A marvelous book that is both thought provoking and highly entertaining, ranging from the power of placebos to the pleasures of Pepsi. Ariely unmasks the subtle but powerful tricks that our minds play on us, and shows us how we can prevent being fooled.” (Jerome Groopman, New York Times bestselling author of How Doctors Think )
“Dan Ariely is a genius at understanding human behavior: no economist does a better job of uncovering and explaining the hidden reasons for the weird ways we act, in the marketplace and out. PREDICTABLY IRRATIONAL will reshape the way you see the world, and yourself, for good.” (James Surowiecki, author of The Wisdom of Crowds )
“PREDICTABLY IRRATIONAL is a charmer-filled with clever experiments, engaging ideas, and delightful anecdotes. Dan Ariely is a wise and amusing guide to the foibles, errors, and bloopers of everyday decision-making.” (Daniel Gilbert, Professor of Psychology, Harvard University and author of Stumbling on Happiness )
“The most difficult part of investing is managing your emotions. Dan explains why that is so challenging for all of us, and how recognizing your built-in biases can help you avoid common mistakes.” (Charles Schwab, Chairman and CEO, The Charles Schwab Corporation )
“PREDICTABLY IRRATIONAL is wildly original. It shows why—much more often than we usually care to admit—humans make foolish, and sometimes disastrous, mistakes. Ariely not only gives us a great read; he also makes us much wiser.” (George Akerlof, Nobel Laureate in Economics, 2001 Koshland Professor of Economics, University of California at Berkeley )
“Dan Ariely’s ingenious experiments explore deeply how our economic behavior is influenced by irrational forces and social norms. In a charmingly informal style that makes it accessible to a wide audience, PREDICTABLY IRRATIONAL provides a standing criticism to the explanatory power of rational egotistic choice.” (Kenneth Arrow, Nobel Prize in Economics 1972, Professor of Economics Stanford University )
“A delightfully brilliant guide to our irrationality—and how to overcome it—in the marketplace and everyplace.” (Geoffrey Moore, author of Crossing the Chasm and Dealing with Darwin )
“After reading this book, you will understand the decisions you make in an entirely new way.” (Nicholas Negroponte, founder of MIT's Media Lab and founder and chairman of the One Laptop per Child non-profit association )
“PREDICTABLY IRRATIONAL is a scientific but imminently readable and decidedly insightful look into why we do what we do every day...and why, even though we ‘know better,’ we may never change.” (Wenda Harris Millard, President, Media, Martha Stewart Living Omnimedia )
“Predictably Irrational is an important book. Full of valuable and entertaining insights that will make an impact on your business, professional, and personal life.” (Jack M Greenberg, Chairman, Western Union Company, Retired Chairman and CEO, McDonald's Corporation )
“Predictably Irrational is clever, playful,humorous, hard hitting, insightful, and consistently fun and exciting to read.” (Paul Slovic, Founder and President, Decision Research )
“Freakonomics held that people respond to incentives, perhaps in undesirable ways, but always rationally. Dan Ariely shows you how people are deeply irrational, and predictably so.” (Chip Heath, Co-Author, Made to Stick, Professor, Stanford Graduate School of Business )
