Misbehaving: The Making of Behavioral Economics
| Author | : | |
| Rating | : | 4.83 (606 Votes) |
| Asin | : | 0393080943 |
| Format Type | : | paperback |
| Number of Pages | : | 432 Pages |
| Publish Date | : | 2013-06-22 |
| Language | : | English |
DESCRIPTION:
Richard H. . Sunstein, and the author of Quasi Rational Economics and The Winner’s Curse. Thaler is the coauthor of the best-selling book Nudge with Cass R. He is a professor of behavioral science and economics at the University of Chicago Booth School of Business and, in 2015, the president of the American Economic Association
All these talents are on display in this wonderful book.” - Daniel Kahneman, winner of the Nobel Prize in Economics and author of Thinking, Fast and Slow“Misbehaving gives us the story behind some of the most important insights in modern economics. Knee, The New York Times“Highly enjoyable…dense with fascinating examples…. Moy, CFA Institute“The creative genius who invented the field of behavioral economics is also a master storyteller and a very funny man. It is long past time to replace Econs with Humans, both in theory and in the practice of prediction.” - Carol Tavris, Wall Street Journal
Story of the professional career of a pioneer in behavioural economics FCRichelieu I was drawn to this book given that its author is a pioneer in behavioural economics. To me, it reads like a sequel to the fascinating works of psychologists Kahneman and Tversky on decision making and prospect theory.The book affords a close-up look (a firsthand account) at the exploration throughout the entire professional career of an illustrious economist. The subject is the role of human psychology in the decision making process. His experiments and observations bring into question some very basic assumptions and hypotheses in classic economics, such as rationality in consumer choi. Interesting but Read Nudge First Traditional economic theory is, as Richard Thaler points out, built upon the idea that humans can make rational choices. And yet that inability (which most economists—traditional or not--acknowledge) is treated as an irrelevance. Behavioral economists, by contrast, try to create a predictive theory of how economies which after all rely on real (rather than hypothetical) people actually work.And, it turns out, that an economy (be it large or small) works irrationally. How else to explain that we are perfectly happy to “save more tomorrow” (the name of a retirement schem. CL said Someone Needs To Take The Next Step. This book is highly informative and delightfully entertaining for those interested in the history of behavioral economics (BE).Thaler is a giant in the field and has been with it from its early days, as both a participant and observer. He has contributedas an individual, as well as guiding the development of others as a leading professor in a leading school. Having worked with such notables as Daniel Kahneman, Cass Sunstein, and others, he is truly an insider's insider. As far as it goes, this book presents a nice summary of the evolution of the field in a very understandable way and I
He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, ou