In the book, Predictably Irrational By Dan Ariely Have you ever wondered where the saying “You got to have skin in the game to play? It reminds you of the financial crisis where you scratch your head wondering why so many people were willing to walk away from their homes at the slightest smell of foreclosure where upon closer inspection revealed that these individuals obtained their homes with little or no money down (and never even stayed in the property because they were just trying to make a buck and wanted to move on. However on the flip side, homeowners who invested blood, sweat, tears & money into their homes as in the case of the Katrina disaster – were willing stay in their homes to the pint of possibly loosing their lives. Well if you’re wondering what makes people so predictably irrational then look no further than the book by the same name, Predictably Irrational by Dan Ariely, where he discusses the predictability of the irrational state of mind we all exhibit when given the opportunity.
More on this really interesting foray into the psychology of the predictably irrational in later blogs