Irrationality and Expectations

In this episode, Armand DiMele discusses the concept of irrationality with behavioral economist Dr. Dan Ariely, author of ‘Predictably Irrational.’ They explore how expectations shape our experiences, particularly in the context of placebos and the psychology behind pain relief. Ariely shares personal anecdotes from his time in a burn unit and discusses the surprising effects of price and origin on perceived medication efficacy. The conversation delves into the complexities of human behavior, including the fear of abandonment and the dynamics of relationships, emphasizing the importance of understanding our irrational tendencies.