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Misbehaving

Misbehaving

The Making of Behavioral Economics

by Richard H. Thaler
Paperback
Publication Date: 01/08/2016

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  $32.75

**Winner of the 2017 Nobel Prize in Economics**

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.

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. 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

ISBN:
9780393352795
9780393352795
Category:
Consumerism
Format:
Paperback
Publication Date:
01-08-2016
Language:
English
Publisher:
W. W.\Norton#& Company, Incorporated
Country of origin:
United States
Dimensions (mm):
210.82x139.7x27.94mm
Weight:
0.32kg
Richard H. Thaler

Richard H. Thaler is an American economist and the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.

He is perhaps best known as a theorist in behavioral finance, and for his collaboration with Daniel Kahneman and others in further defining that field.

In 2017, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics.

When discussing its selection of Thaler to receive the Nobel Prize, the Royal Swedish Academy of Sciences reasoned that his "contributions have built a bridge between the economic and psychological analyses of individual decision-making. His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics."

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