Adam S. Hayes's "Irrational Together"

Adam S. Hayes is professor of sociology at the University of Lucerne. Before entering academia, he worked as an options market maker and equity derivatives sales trader and was licensed as a financial advisor.

Hayes applied the "Page 99 Test" to his new book, Irrational Together: The Social Forces That Invisibly Shape Our Economic Behavior, with the following results:

Page 99 is the hinge where the book moves from storytelling to method. It really distills the broader mission of the book: to show that economic choices are never purely about numbers or cognitive quirks—they’re also greatly influenced by social forces. The passage invites readers to see how experimental techniques can unpick the ways that price, convenience, and status jostle with trust, loyalty, and shared identity in everyday financial decisions. It’s not about dismissing “economic” explanations or romanticizing the social. Instead, the page makes a case for measuring these factors in tandem. Unraveling the way that our dollars interact with our culture, social contexts, socialization processes, and relationships is indeed a miniature of the book’s central framework.

Does the Page 99 Test work?

Absolutely. The entire argument of Irrational Together is that economic life is governed, in part, by social forces—and that we can measure these influences. Page 99 reveals how the book bridges disciplines, bringing sociology’s insights about things like norms, networks, and identity into conversations typically dominated by economic rationality or behavioral biases. It’s not a rejection of what's come before, but an insistence that to truly understand choice, we have to see how these perspectives mesh and rub up against each other. This page signals a book that’s more than just a critique of “rational economic man”; it’s a toolkit for better understanding how our choices get entangled with who we are, who we know, and what matters most to us.

If this page draws you in, the rest of Irrational Together offers an extended invitation to see economic life in high relief. From meme-stock booms to the hidden scripts of gendered money talk, from algorithmic investing to the moral boundaries of peer-to-peer transactions, the book uses familiar stories, original data, and lived experiences to explore how everything from culture and social identities to interpersonal ties and social networks shape even what we think of as our most private economic decisions. What emerges is a vision of economic life that is less about solitary individuals optimizing abstract curves or even hopelessly irrational beings with limited processing power & cognitive biases--and more about real people navigating the social landscape that is the economy. By the end, readers won’t just have a richer view of economic sociology; they’ll see how these insights can inform more reasonable efforts at navigating financial choices and the crafting of more effective policies. If page 99 made you curious about why you sometimes pay more to buy from a friend—or why an app can nudge you toward “rational” investing—you’ll find the rest of the book picks up that thread and runs with it.

Visit Adam S. Hayes's website.

--Marshal Zeringue