"The Power Of Price". An Analysis Of Chapter 10 In Dan Arielys "Predictably Irrational", Showing Why Our Minds Have A Lot Of Power Over How Effective Our Medicine Is.

1251 words - 5 pages

"The Power of Price"In Chapter 10 "The Power of Price" Ariely discusses how the price of medications can impact how effective it is. Through many experiments Ariely found that more often than not placebos were just as effective as the real thing. The placebo effect is well known. Placebos can actually trigger endorphins and other reactions in your body to make you feel better; it isn't a myth. The prices of medications also affect their performance, with the more expensive usually performing better. This shows how big of an impact expectations can have on us. It also shows that we put too much into how much material goods cost. However, it is understandable that people want to think they're getting the best treatment when it comes to their health. We just need to realize that we need a better basis for performance other than dollar signs. The purpose behind writing this chapter was to make us realize how much prices have an impact on us; whether we realize it or not. We need to stop assuming that price is equal to quality.For one of his experiments Ariely he had a woman dress up in a lab coat and hand out a pain killer. This pain killer was called Veladone-Rx; and it was completely made up. The amazing pain killer was nothing but a white Vitamin C pill. This woman told patients that 92% people reported relief for up to 8 hours and in as fast as 10 minutes. The results of this experiment are kind of scary. Majority of the patients reported relief when they were told that it was $2.50 per dose. When the pain killer was said to be $0.10 a dose only half of the patients reported relief. And the more pain someone experienced, the stronger the effect.People always say that you get what you pay for. This is not always the case. Ariely states that "beliefs and expectations affect how we perceive and interpret sights, tastes, and other sensory phenomena." (176) This is the case for a lot of people. Simply put if you expect something to be amazing than it very well could be. If you go into a restaurant and expect the food to be awful it probably will be. That is one reason why the appeal of a restaurant is so crucial. It's important to remember that everyone has different preferences; some people think one thing is great and others might think it's awful. These preferences are all tied into our brain and what we think we like. So if we think we're going to like something, wouldn't it make sense that if it's anything like what we expect that it will be good to us? Of course it does. When I was ten years old I asked for a Gameboy color for Christmas. I was expecting it to be the greatest present ever and it was; I took it everywhere I went for months. Two weeks after getting the Gameboy I went out to buy a new Pokémon game; again expecting it to be great. It ended up being one of the biggest disappointments of my young life; it was nothing like I expected. I hated the game so much I threw it away. We also may be lead to believe something is worse than...

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