BRAFMAN SWAY PDF

Sway Summary Loss Aversion Leads to Short-Term Bias If you have been reading my summaries or if you are into psychology by now you probably know that humans are loss averse. That means that we fear losses more than we look forward to gains, and it can lead to a whole host of irrational decisions. The Brafman brothers though add an interesting twist: our loss aversion makes us biased towards short term actions that can be harmful to our long-term well being. Imagine for example that you are late and a driver in front of you is going too slow. Chances are that you will get nervous and attempt a risky overtake that could end up costing really big. Not only getting nervous is unhealthy, but the risk of a risky overtake far outweigh the limited advantage of a couple of minutes top.

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Start free Blinkist trial Upgrade to Premium Read or listen now Synopsis Sway sheds some light on the mysterious forces that cause humans — usually rational and logical — to behave strangely or act without thinking. In short, the book explains why we often act irrationally. Key idea 1 of 9 Nobody likes to lose; so to avoid a feeling of loss, we often act irrationally. We like to think of ourselves as logical, rational beings. Yet the truth is that all humans behave irrationally.

Even experts, such as airplane pilots and surgeons, can make grave mistakes. But what motivates us to act irrationally? In short, nobody likes to lose. Our fear of loss, or loss aversion, is one of the hidden forces that drives irrational behavior. Interestingly, the pain of loss is a much stronger feeling than the joy of winning; so when faced with the prospect of losing, we will do anything we can to avoid it.

Our sensitivity to changes in the price of an item illustrates this crisis. As an increase in price feels like a loss, we react to this much more intensely than we do a decrease in price. Department of Agriculture professor Daniel Putler studied egg sales to see how people reacted to price increases and decreases. He found that when prices decreased, people only slightly increased the number of eggs they purchased.

However, when prices rose, people cut their consumption of eggs by two and a half times. Rental car damage waivers can be expensive and are in fact useless, as your own car insurance and credit card offer sufficient protections should an accident actually occur.

Key ideas in this title Nobody likes to lose; so to avoid a feeling of loss, we often act irrationally. A great idea from a friend we might think is genius; a great idea from a foe, not so much.

What is fair play and what is not is often culturally defined, and is also often irrational. We are more likely to accept an outcome, even if negative, if we feel the process was fair. Work to curb irrational behavior by always thinking about the big picture. Final summary.

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BRAFMAN SWAY PDF

This power that they talk about is called sway. When I first heard the word sway, I thought of when you sway someone towards believing something or doing something. When reading the book Sway by the brothers Rom and Ori Brafman I realize that sometimes people are swayed by more than just another person but in alternate ways, using observation and impatience to sometimes react and assume different outcomes. One of the many different forms of sway is diagnosis bias. This type of sway is one of the most common types because of the natural human nature to judge someone before you actually know them. This happens more when you hear or read something about someone rather than seeing the person physically.

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Sway: The Irresistible Pull of Irrational Behavior

Start free Blinkist trial Upgrade to Premium Read or listen now Synopsis Sway sheds some light on the mysterious forces that cause humans — usually rational and logical — to behave strangely or act without thinking. In short, the book explains why we often act irrationally. Key idea 1 of 9 Nobody likes to lose; so to avoid a feeling of loss, we often act irrationally. We like to think of ourselves as logical, rational beings. Yet the truth is that all humans behave irrationally.

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Sway: The Irresistible Pull of Irrational Behavior

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Sway: Book Summary & Review

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