Sunday, March 02, 2025

Market norms vs Social norms (What I learnt from Amazing Decisions by Dan Ariely)

 


Market norms vs Social norms (What I learnt from Amazing Decisions by Dan Ariely)
Reference: Dan Ariely, Amazing decisions

Market normsSocial norms
Exchange betweenMarket partnersFriends, relatives
GoalReturn on investmentBuilding and maintaining relationships
Expectationexactly what you pay forMay or May not materialize. In kind of and not immediate. Expect delays
Guided byCost benefit analysisEmotions, love
TypeLogical, transactionalEmotional, perspectives
ExchangeMoneyFavors, gestures, reciprocation
Driven byHeadHeart
ValuesSelf reliance, efficiencyMutual support