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Misbehaving: The Making of Behavioral Economics (Paperback)

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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, 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. 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, our businesses, and our governments.

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Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans-predictable, error-prone individuals. 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, 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. 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, our businesses, and our governments.

Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. 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.

More Information
ISBN 9780393352795
Length (cm) 14.0000
Width (cm) 3.0000
Height (cm) 21.0000
Publisher W. W. Norton & Company Inc.
Publication Date Jun 14, 2016
Pages (number) 432
Genre Economics, Business & Leadership
Author Richard Thaler
Signed No
Format Paperback
Editorial Reviews

"This challenging book is written in an understandable manner and contains valuable insight for those interested in economics, psychology, other social sciences, public policy, and business." - Booklist Online

“A sly and somewhat subversive history of [the economics] profession . . . engrossing and highly relevant.” - Jonathan A. Knee, New York Times

"Readers with even the remotest interest in how the world really works will enjoy this work of the dismal science pleasingly, and even exuberantly, done." - Kirkus Reviews

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