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We often make decisions based on social comparisons from "summary" of Predictably Rational? by Richard B. McKenzie
When faced with decisions, we tend to look to others around us, comparing ourselves to them in order to determine what to do. This process of social comparison influences our choices more than we may realize. We observe the actions of those in our social circle and use them as a reference point for our own behavior. This can be seen in various aspects of our lives, from the products we buy to the way we behave in social situations. Social comparisons can lead to a 'keeping up with the Joneses' mentality, where we strive to match or exceed the possessions and achievements of our peers. This can result in a cycle of competitive consumption, where we feel the need to constantly upgrade and acquire more in order to keep pace with others. The fear of falling behind socially can be a powerful motivator in our decision-making process. In addition to material p...
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