The students, feeling that this was unfair, approached the master one day and suggested that they pay him for his time and effort. The sensei (the master teacher) was not charging the group for the training. (Ariely, 2010, Chapter 13) Consumer Loyalty Social Norms versus Market NormsĪ similar lesson was learned by Nachum Sicherman, an economics professor at Columbia, who was taking martial arts lessons in Japan. Wouldn’t economics make a lot more sense if it were based on how people actually behave, instead of how they should behave? We all make the same types of mistakes over and over, because of the basic wiring of our brains. Our irrational behaviors are neither random nor senseless-they are systematic and predictable. … we are all far less rational in our decision making than standard economic theory assumes. In essence, people, particularly those with a high need for uniqueness, may sacrifice personal utility in order to gain reputational utility. When people order food and drinks, they seem to have two goals: to order what they will enjoy most and to portray themselves in a positive light in the eyes of their friends. … people are sometimes willing to sacrifice the pleasure they get from a particular consumption experience in order to project a certain image to others. It happens when we assume that something is good (or bad) on the basis of other people’s previous behavior, and our own actions follow suit. He sees three people standing in line and thinks, “This must be fantastic restaurant,” and joins the line. “People are standing in line.” So you stand behind these people. “This must be a good restaurant,” you think to yourself. You’re walking past a restaurant, and you see two people standing in line, waiting to get in. Customer Product Choice Drivers Social Proof
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