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Misbehaving: The Making of Behavioral Economics
432 pages, 2016
Economics was once a discipline that studied mechanical, predictable humans. But not anymore. Nobel Prize-winning economist Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals.
His research reveals a different world: one in which we use mental accounting to allocate money differently depending on where that money came from, gamble with our retirement funds, and save and consume too much unhealthy food.
Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors.
Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio or selling basketball tickets or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences for individuals and society at large.
In 'Misbehaving: The Making of Behavioral Economics', Richard H. Thaler explores the fascinating world of human behavior. He shows us that people don't always act rationally, and this can have a big impact on economic theories. It's a great read if you want to understand why we make the decisions we do.
Thaler takes us on a journey through the birth and development of behavioral economics. He shares his own experiences and research, giving us a unique insight into this groundbreaking field. If you're interested in economics or psychology, you'll definitely want to check this out.
One of the key takeaways from 'Misbehaving' is how Thaler challenges traditional economic theories. He argues that these theories often fail because they don't take into account how real people behave. This book will make you see economics in a whole new light.
Thaler doesn't just talk about theory, he also shows us how behavioral economics can be applied in the real world. From improving decision-making to designing better public policies, there's a lot we can learn from this book. It's a must-read for anyone looking to make positive changes in their life or work.
In 'Misbehaving', Thaler introduces us to the concept of 'nudges' - small changes that can have a big impact on our behavior. He shows us how nudges can be used to help people make better choices, from saving for retirement to eating healthier. If you're interested in how small changes can make a big difference, you'll want to dig into this book.
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Richard Thaler has been the most creative and influential economist in the world. He is also fun to read.
Daniel Kahneman - Psychology, Behavioral economicsRichard Thaler is a true pioneer in behavioral economics. His work is insightful, and this book is a must-read.
Cass R. Sunstein - Law, Behavioral economicsRichard Thaler's work in behavioral economics has been groundbreaking. This book is a fascinating exploration of his journey.
Robert J. Shiller - Economics, FinanceRichard Thaler has revolutionized our understanding of how people behave in economic situations. His work is a must-read for anyone interested in economics and finance.
Nassim Nicholas Taleb - Risk analysis, Finance