Market norms vs Social norms (What I learnt from Amazing Decisions by Dan Ariely)
This blog is a collection of my notes, poems, and insights. Some of them were penned by me, and others were borrowed. I hope to revisit them again periodically to re-call, re-member, re-cognize, revise (if needed), and further enhance my understanding. As is apparent the structure and content of the blog will evolve over time. I hope it ignites, motivates, and generates insights for each reader.
| Market norms | Social norms | |
| Exchange between | Market partners | Friends, relatives |
| Goal | Return on investment | Building and maintaining relationships |
| Expectation | exactly what you pay for | May or May not materialize. In kind of and not immediate. Expect delays |
| Guided by | Cost benefit analysis | Emotions, love |
| Type | Logical, transactional | Emotional, perspectives |
| Exchange | Money | Favors, gestures, reciprocation |
| Driven by | Head | Heart |
| Values | Self reliance, efficiency | Mutual support |