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Misbehaving: The Making of Behavioral Economics,Used
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Winner of the Nobel Prize in EconomicsGet ready to change the way you think about economics.Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humanspredictable, errorprone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earthand change the way we think about economics, ourselves, and our world.Traditional economics assumes rational actors. Early in his research, Thaler realized these Spocklike 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 Thalers 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
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- Q: What is the main theme of 'Misbehaving: The Making of Behavioral Economics'? A: 'Misbehaving' explores how traditional economics often overlooks the irrational behaviors of humans, emphasizing that individuals are prone to biases that affect their decision-making.
- Q: Who is the author of 'Misbehaving' and what is his background? A: The author is Richard H. Thaler, a Nobel Prize-winning economist known for his work in behavioral economics and his contributions to understanding human decision-making.
- Q: What can readers expect to learn from this book? A: Readers will gain insights into how human psychology impacts economic decisions and learn strategies for making smarter choices in various aspects of life.
- Q: How many pages does 'Misbehaving' contain? A: 'Misbehaving' has a total of 432 pages, providing an in-depth exploration of behavioral economics.
- Q: When was 'Misbehaving' published? A: 'Misbehaving' was published on June 14, 2016, and is available in a reprint edition.
- Q: Is 'Misbehaving' suitable for beginners in economics? A: Yes, 'Misbehaving' is written in an engaging and accessible style, making it suitable for readers new to economics as well as those familiar with the field.
- Q: What type of binding does 'Misbehaving' have? A: 'Misbehaving' is available in paperback binding, making it a durable and portable option for readers.
- Q: Does the book include real-world examples? A: Yes, the book includes numerous real-world examples and anecdotes that illustrate the principles of behavioral economics in everyday situations.
- Q: Is 'Misbehaving' focused solely on economic theory? A: No, while it discusses economic theory, 'Misbehaving' also integrates psychology, making it a multidisciplinary exploration of decision-making.
- Q: What awards has 'Misbehaving' been nominated for? A: 'Misbehaving' was shortlisted for the Financial Times & McKinsey Business Book of the Year Award, highlighting its impact and relevance in the field.