Analysis Of The Book 'Predictability Irrational'

The example of an auction used in the book ‘Predictability Irrational’ demonstrated the irrationality of human choice. In the example, students were given a list of items they were going to bid. Then were asked to write down the last two digits of their social security numbers at the top of the page, followed by writing these two digits next to each item in the form of a price. After that, they indicate if they would buy the item at that price. Finally, they were asked to write down the maximum amount they would pay for the item.

When the teacher asked the students if they perceived the last two digits of their social security number influenced their judgement, they certainly denied any possible impact brought from those numbers.

Nevertheless,