Monday, January 2, 2012
Predictably Irrational: Chapter 10
Posted by Saj Karsan
Ariely continues to build on the theme about how our expectations shape our experiences. The placebo effect is discussed in detail, as many experiments are cited that demonstrate how the subconscious mind appears to control the body to a great extent.
Ariely's own experiments suggest price contributes greatly to the placebo effect. Patients are much more likely to experience the benefits of treatment (real or placebo) if the treatment is expensive. This creates some interesting questions regarding the cost of health care!