Misbehaving: The Making of Behavioural Economics
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- Update Date：2025-09-06
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- Author：Richard H. Thaler
- ISBN：0241951224
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Summary
ECONOMIST， FINANCIAL TIMES and EVENING STANDARD BOOKS OF THE YEAR 2015
Shortlisted for the Financial Times and McKinsey Business Book of the Year Award
From the renowned and entertaining behavioural economist and co-author of the seminal work Nudge， Misbehaving is an irreverent and enlightening look into human foibles。 Traditional economics assumes that rational forces shape everything。 Behavioural economics knows better。 Richard Thaler has spent his career studying the notion that humans are central to the economy - and that we're error-prone individuals， not Spock-like automatons。 Now behavioural economics is hugely influential， changing the way we think not just about money， but about ourselves， our world and all kinds of everyday decisions。
Whether buying an alarm clock， selling football 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。 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 behaviour， Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world。 He reveals how behavioural economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building， to TV quiz shows， sports transfer seasons， and businesses like Uber。
When economics meets psychology， the implications for individuals， managers and policy makers are both profound and entertaining。
Shortlisted for the Financial Times and McKinsey Business Book of the Year Award
From the renowned and entertaining behavioural economist and co-author of the seminal work Nudge， Misbehaving is an irreverent and enlightening look into human foibles。 Traditional economics assumes that rational forces shape everything。 Behavioural economics knows better。 Richard Thaler has spent his career studying the notion that humans are central to the economy - and that we're error-prone individuals， not Spock-like automatons。 Now behavioural economics is hugely influential， changing the way we think not just about money， but about ourselves， our world and all kinds of everyday decisions。
Whether buying an alarm clock， selling football 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。 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 behaviour， Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world。 He reveals how behavioural economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building， to TV quiz shows， sports transfer seasons， and businesses like Uber。
When economics meets psychology， the implications for individuals， managers and policy makers are both profound and entertaining。
Reviews
Joel
，
Entertaining and informative。 The ideas within are applicable well beyond the scope of economics。
Andreas Aristidou
，
Disclaimer: I'm probably biased in my opinion of this book given that I've been fascinated， working on and have done a PhD on， behavioral economics。 I pretty much grew up with Richard Thaler's papers as well as papers by other influential behavioral economists。 Even though， nowadays behavioral economics is an established field of economics， I did get to experience some of that "looking down upon behavioral economics" throughout my time in academia， and so reading all of Thaler's stories about al Disclaimer: I'm probably biased in my opinion of this book given that I've been fascinated， working on and have done a PhD on， behavioral economics。 I pretty much grew up with Richard Thaler's papers as well as papers by other influential behavioral economists。 Even though， nowadays behavioral economics is an established field of economics， I did get to experience some of that "looking down upon behavioral economics" throughout my time in academia， and so reading all of Thaler's stories about all the barriers he and others had to face in convincing economists of the value of behavioral economics was definitely highly relatable。In the book you'll find， in a very well organized manner， lots of different behavioral economics phenomena and examples of them， but most importantly， this book is about the story， the beginnings and the struggle for the making of behavioral economics。 It's an account that could not have been written by anyone else。 It is remarkable of the courage and determination that some people - including the author - had to have in order to push their ideas through an old establishment。 The results？ A field that has revolutionized big parts of academia， business， and life in general。Highly recommended。 。。。more
Jurgen Appelo
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Insightful， inspiring and funny。
Rana Habib
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Great book。 I wish I read this before Thinking， Fast and Slow。 Thaler’s writing style is so smooth and easy to read。 His simplified explanations of economic theory helped me understand everything so much。 I also loved knowing the back story of how behavioural economics became such an emerging subject。 Bravo！
Ulrik Green
，
Well written， surprisingly easy to read， funny， inspiring。
Brenna
，
Sorry not sorry to everyone who has had to listen to me talk about this book for the last six months， it's just that good Sorry not sorry to everyone who has had to listen to me talk about this book for the last six months， it's just that good 。。。more
Adrian
，
Behavioral Economics has come a long way since the days when it was a fringe theory， and this book illustrates how。tA follow on from Thaler’s groundbreaking Nudge， Misbehaving covers the main theories underpinning Behavioral Economics， along with insights into other releveant underpinning theories， such as Prospect Theory and Game Theory。tThaler has some useful examples of how the academic circles of economics function， with some personal recollections， of particular interest being when he was h Behavioral Economics has come a long way since the days when it was a fringe theory， and this book illustrates how。tA follow on from Thaler’s groundbreaking Nudge， Misbehaving covers the main theories underpinning Behavioral Economics， along with insights into other releveant underpinning theories， such as Prospect Theory and Game Theory。tThaler has some useful examples of how the academic circles of economics function， with some personal recollections， of particular interest being when he was hired by the Conservative Party of David Cameron as a policy advisor on behavioral change。 The last chapter reads a little too much like a concise version of his best-seller Nudge but is nonetheless informative for those thinking of reading further。tOverall， quite readable and filled with personal insights and anecdotes， perhaps a little too many for this reader， but nonetheless sufficient to keep the pace lighthearted and friendly。 Overall， an insightful book and relevant for all times。 。。。more
Niki
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Although the book deals extensively with behavioral economics， it got boring as things dealt with US reference。
Nis
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Too much focus on Thaler’s life and too little focus on the economics for my taste。
Xin Yan
，
Been a fan of Richard Thaler ever since Nudge， and this book really really helps to tie everything about Behavioural Economics together :"） The wit， the a-ha moments have made this book a thoroughly enjoyable read， and the only reason it's missing one star is my indignation at the impossibility of me every pursuing it >:（（（（（（（ Been a fan of Richard Thaler ever since Nudge， and this book really really helps to tie everything about Behavioural Economics together :"） The wit， the a-ha moments have made this book a thoroughly enjoyable read， and the only reason it's missing one star is my indignation at the impossibility of me every pursuing it >:（（（（（（（ 。。。more
Camila
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I'd recommend this for people in upper-level economics classes， and maybe just the first and last chapter for everyone else。 I wasn't the target audience， so a lot of this book wasn't interesting to me， and it certainly wasn't as easy to recall in day-to-day conversation as Algorithms to Live By （a random other non-fiction I read recently）， but I'm still happy I read it despite the 15hr reading time。 I'd recommend this for people in upper-level economics classes， and maybe just the first and last chapter for everyone else。 I wasn't the target audience， so a lot of this book wasn't interesting to me， and it certainly wasn't as easy to recall in day-to-day conversation as Algorithms to Live By （a random other non-fiction I read recently）， but I'm still happy I read it despite the 15hr reading time。 。。。more
Marco Aurélio
，
This review has been hidden because it contains spoilers。 To view it， click here。 Richard H。 Thaler， vencedor do Prêmio do Banco da Suécia para as Ciências Econômicas em Memória de Alfred Nobel， descreve a construção do campo de economia comportamental， muito contestado mais indubitavelmente uma vertente ascendente nas ciências econômicas， ao longo das últimas décadas， com embates formidáveis contra a hipótese dos mercados eficientes - HME。Vale lembrar que a economia tradicional trabalha sobre o preceito de que os indivíduos （ECONS） faz escolhas racionais， sobre o princípio d Richard H。 Thaler， vencedor do Prêmio do Banco da Suécia para as Ciências Econômicas em Memória de Alfred Nobel， descreve a construção do campo de economia comportamental， muito contestado mais indubitavelmente uma vertente ascendente nas ciências econômicas， ao longo das últimas décadas， com embates formidáveis contra a hipótese dos mercados eficientes - HME。Vale lembrar que a economia tradicional trabalha sobre o preceito de que os indivíduos （ECONS） faz escolhas racionais， sobre o princípio da otimização entre recursos escassos e desejos infinitos， na batalha essencial do equilíbrio。Todavia， pouco se aborda os vieses que afetam diretamente essas escolhas que nem sempre caminham para a racionalidade dos mercados eficientes。Conforme descrito no livro， a “economia comportamental” não se trata de outra disciplina: ainda é economia， mas é economia feita com fortes contribuições de boa psicologia e de outras ciências sociais。Vale dizer que a economia comportamental já está fazendo parte da elaboração de políticas públicas em diversos países desenvolvidos através de governos que enxergam nela uma forma de otimizar as ações do estado， tornando-o mais eficiente。Destaque especial para os capítulos:20 - Enquadramento estreito no Upper East Side， que aborda diretamente a economia comportamental no universo dos investimentos， com impacto direto no meu dia a dia como integrante de uma equipe de gestão de fundo de ações。 E o capítulo que eu mais gostei que foi o21 - O Concurso de Beleza。 Um ataque direto ao HME （Hipótese dos Mercados Eficientes） com várias citações históricas tendo como ponto alto na minha opinião， as pontuações de Keynes （que foi gestor de portifólio） sobre o mercado financeiro， mais especificamente o de ações。 Sua comparação entre gestores jogando um jogo de adivinhação e um concurso de beleza é sensacional。 。。。more
Tony Wu
，
Super fascinating， good intro/foundation on behavioral economics。
Michael Werneburg
，
This is a recounting of the development of the field of behavioral economics。 For the uninitiated， behavioral economics differs wildly from other fields of economics by bring the psychology of decision making into the picture。 It was considered radical stuff at the outset， when psychologists started to pay attention to economics。I read this book because understanding decision-making is a major facet of my work in risk management。 I've read macro and micro economics to a certain extent， and found This is a recounting of the development of the field of behavioral economics。 For the uninitiated， behavioral economics differs wildly from other fields of economics by bring the psychology of decision making into the picture。 It was considered radical stuff at the outset， when psychologists started to pay attention to economics。I read this book because understanding decision-making is a major facet of my work in risk management。 I've read macro and micro economics to a certain extent， and found managerial accounting （formerly "cost accounting"） to be a useful step along this path。 But it seems that behavioral economics is the deep end of that pool。 In fact it's such a fascinating field of study that if I had a time machine， I'd tell my young self to head into this field。What works in this book is the narrative introduction to the concepts。 There's so much here （e。g。 by page 20 we've already covered the endowment effect） that I won't try to recount it all， but it's interesting that it took psychologists to deflate the stilted theories of the economists。If there are any drawbacks to this book， one is the drumbeat of success stories recounted in some detail - especially when it comes to the times that people didn't follow the advice of the behavioral economists。 A friend who's also in my line of work made an interesting comment on this book: "Toward the end， there's a lot of 'I told you so。'" And boy was he right。But this was a fine introduction to the field。 I plan to read more。 。。。more
Dustin Overbeck
，
I have heard Richard Thaler on podcasts in the past and did not realize he was the pioneer of Behavior Economics。 I only took one Econ class myself while a student at Brigham Young University， but it was one of the most eye-opening classes I had taken。 The professor said that "anything could be explained by economics，" and I believe that。What makes this book interesting is that it adds the human behavioral aspect to economic activities。 I really liked the "nudge" ideas and how it can be used to I have heard Richard Thaler on podcasts in the past and did not realize he was the pioneer of Behavior Economics。 I only took one Econ class myself while a student at Brigham Young University， but it was one of the most eye-opening classes I had taken。 The professor said that "anything could be explained by economics，" and I believe that。What makes this book interesting is that it adds the human behavioral aspect to economic activities。 I really liked the "nudge" ideas and how it can be used to help people make choices。 。。。more
Writemoves
，
I found this book to be part autobiographical， part psychology， and part economics。 I enjoyed Thaler's anecdotes and his experiences and battles in the academic world。 I understood some of the examples that Thaler provided on how we make decisions， both rationally and irrationally。 I particularly enjoyed his take on how teams should prepare for the NFL draft。I am also familiar with various books and online lectures by Professor Robert Shiller of Yale University on behavior economics。 I appreciat I found this book to be part autobiographical， part psychology， and part economics。 I enjoyed Thaler's anecdotes and his experiences and battles in the academic world。 I understood some of the examples that Thaler provided on how we make decisions， both rationally and irrationally。 I particularly enjoyed his take on how teams should prepare for the NFL draft。I am also familiar with various books and online lectures by Professor Robert Shiller of Yale University on behavior economics。 I appreciate that economists try to write books that the general public might understand。 Thaler does a pretty good job at this also。If one is interested in the evolution of the idea of behavioral economics and the struggles to promote it， I recommend this book。 。。。more
Roland
，
The begining of the book， Richard deconstruct Classic economics is great。 Some analysis， such as sunk price， change， hindsight， rule of thumb， risk management， nudge theory are fantastic。 As for the long part on game theory， you have to be attentive and a good student。 It us unnecessary complex and academic。For the rest of the book， it feels that he trying too hard， to prove his 'copernican paradigm'。 And congratulate his team of researchers for ever。Beheaviour economics is a fascinating subject The begining of the book， Richard deconstruct Classic economics is great。 Some analysis， such as sunk price， change， hindsight， rule of thumb， risk management， nudge theory are fantastic。 As for the long part on game theory， you have to be attentive and a good student。 It us unnecessary complex and academic。For the rest of the book， it feels that he trying too hard， to prove his 'copernican paradigm'。 And congratulate his team of researchers for ever。Beheaviour economics is a fascinating subject， but I think Ariely's prectitable irrational does a much better job at illustrating the field。 。。。more
Jose Sbuck
，
Richard Thaler is an economist who started applying the findings of psychology and behavioral science to economics。 This book is his account of how behavioral economics came to be and what it was like to try to convince academics and governments to accept that the traditional economic theories were not necessarily true。 The problem with economics was （is？） that many of the theories are based on the assumption of rationality: Thaler calls these imaginary rational actors "Econs" as opposed to "Hum Richard Thaler is an economist who started applying the findings of psychology and behavioral science to economics。 This book is his account of how behavioral economics came to be and what it was like to try to convince academics and governments to accept that the traditional economic theories were not necessarily true。 The problem with economics was （is？） that many of the theories are based on the assumption of rationality: Thaler calls these imaginary rational actors "Econs" as opposed to "Humans"。 Humans make logical errors， feel losses too strongly， and become affected to what they possess （as in endowment effect）。 Econs， on the other hand， are always rational and logical。Thaler's style is humorous， even exuberant。 He refers to philosopher Thomas Kuhn multiple times and quotes: "Discovery commences with the awareness of anomaly。" These anomalies and Supposedly Irrelevant Factors （SIFs） were essential to Thaler's thinking。 He made lists of observations that were not in line with the economic theories， and then thought them through to form a hypothesis and an experiment to test the hypothesis。 In many places the experiments resemble those of Tversky and Kahnemahn。 And as Thinking， Fast and Slow， also this book is a bit repetitive: often multiple tiny bit different experiments were required to fully explain a phenomenon。Misbehaving may be my most highlighted book。 I found something insightful almost on every page。 Things like: In an organizational setting， the natural feeling of loss aversion can be exacerbated by the system of rewards and punishment。 In many companies， creating a large gain will lead to modest rewards， while creating an equal-sized loss will get you fired。 Under those terms， even a manager who starts out risk neutral， willing to take any bet that will make money on average， will become highly risk averse。 Gambling when behind in an effort to break even can also be seen in the behavior of professional investors。 Mutual fund portfolio managers take more risks in the last quarter of the year when the fund they are managing is trailing the benchmark index to which their returns are compared。 These， and many other examples feel so familiar: This is how to world works。 It's easy to agree with Thaler that there are many organizations and societies that would benefit from a nudge that targets the various human biases。 Of course， this is Thaler's account， and when I discussed for example the supposed irrelevance of CAPM with an economist friend， she wasn't quite that convinced。 Recommended to anyone interested in economics， economic history， and behavioral economics。 。。。more
Ally
，
A great intro to behavioural economics， told with anecdotes， experiments， games， and lots of humour。 As the daughter of an economist， I especially appreciated all the jokes at the expense of econs。
Robert
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Characteristically self deprecating - but equally insightful in writing。 Thaler analyses what I call “Intagibles” into “Supposedly Irrelevant Factors” - a central theme throughout the book。 He explores unintentionally how wealth managers get clients to give them their money - but not focusing on the “levels” of wealth they can generate - but the “changes” in wealth - i。。e the experiences and lifestyle you gain with your new found wealth。 The classic example is someone losing a £10 note - to have Characteristically self deprecating - but equally insightful in writing。 Thaler analyses what I call “Intagibles” into “Supposedly Irrelevant Factors” - a central theme throughout the book。 He explores unintentionally how wealth managers get clients to give them their money - but not focusing on the “levels” of wealth they can generate - but the “changes” in wealth - i。。e the experiences and lifestyle you gain with your new found wealth。 The classic example is someone losing a £10 note - to have £0 at that present moment （the opportunity cost of what you could have bought with that spare £10）。 That loss of money if felt more keenly that if the person lost £30 - from £2000 to £1970。 Another classic example is the Sunk Cost。 By bringing forward payment for a packaged holiday people view any additional costs such as buying extra food/extra ski lessons as an lifetime cost - an additional extra to have some fun。 Make a holiday pay as you go - and people will mentally account each time they pay extra。 The two packages may end up cost the same - the latter makes the person feel poorer。 Always remember that people threatened with big losses and have a chance to break even will usually willing to take additional risk - even if they are risk adverse。 That’s dangerous！ Finally - he looks at whether active management works - and his view it does - by aggregating the 30 worst performing companies， and 30 best performing companies based on Share Price - creating an index based on these two categories - and discovering that over a 5 year period - the 30 worst performing companies outperformed the best - as per to some extent Benjamin Graham thesis。 。。。more
Rae
，
excellent book
Kurtis
，
I enjoyed it both for its easy-to-understand description of behavioral economic research and its stories about Thaler's experience as a revolutionary in the economics profession。 I enjoyed it both for its easy-to-understand description of behavioral economic research and its stories about Thaler's experience as a revolutionary in the economics profession。 。。。more
Leah
，
Interesting insights into how two fields of science came together to form a new one。The intersection between economics and psychology is quite interesting。 Quite the fascinating yet not so surprising findings about people's "ways" around money and attitudes towards earning and spending cash。Key points* Most people are not econs。 They are ordinary humans - biased and easily influenced* Using behavioural economics for the good of people is what we need to focus more on， rather than purely capitali Interesting insights into how two fields of science came together to form a new one。The intersection between economics and psychology is quite interesting。 Quite the fascinating yet not so surprising findings about people's "ways" around money and attitudes towards earning and spending cash。Key points* Most people are not econs。 They are ordinary humans - biased and easily influenced* Using behavioural economics for the good of people is what we need to focus more on， rather than purely capitalising on ppl's weaknesses* Challenge， question， look for anomalies， patterns and surprising findings - don't doctor them out as outliers - rather zoom in， dig in， find what's that about 。。。more
Dylan Edwards
，
A great primer on behavioural economics。 A lot of the insights in this book will be familiar to anyone who has read "Nudge"， "Thinking Fast and Slow"， or any of the other BE classics。 But tying these insights to Thaler's own life and career story allows them to hang together as a narrative - a kind of intellectual memoir that not only explains heuristics and biases， but tells the story of how they were identified。 A great primer on behavioural economics。 A lot of the insights in this book will be familiar to anyone who has read "Nudge"， "Thinking Fast and Slow"， or any of the other BE classics。 But tying these insights to Thaler's own life and career story allows them to hang together as a narrative - a kind of intellectual memoir that not only explains heuristics and biases， but tells the story of how they were identified。 。。。more
Donakrap Dokrappom
，
หนังสือเล่มนี้น่าจะชื่อว่า A brief history of behavioral economics มากกว่า ใครที่คิดว่าหนังสือจะอธิบายเศรษฐศาสตร์พฤติกรรมแบบ 1 2 3 4 ต้องผิดหวังแน่ ๆ แต่หนังสือมีความดีงามในตัวมันเอง เพราะมันได้พาไปรู้จักความเป็นมาของวิชาเศรษฐศาสตร์พฤติกรรมซึ่งถือได้ว่าเป็นศาสตร์ที่ใหม่มาก ๆ ในเวลานั้น จะบอกว่าหนังสือเล่มนี้เป็นหนังสือ ประวัติศาสตร์ ของเศรษฐศาสตร์พฤติกรรมก็คงไม่ผิดนัก ใครที่ชอบเศรษฐศาสตร์จะต้องชอบหนังสือเล่มนี้แน่นอน ตามหลักเศรษฐศาสตร์โดยทั่วไป （เศรษฐศาสตร์บริสุทธิ์） กล่าวว่าคนเราจะไขว่คว้าหาผลประ หนังสือเล่มนี้น่าจะชื่อว่า A brief history of behavioral economics มากกว่า ใครที่คิดว่าหนังสือจะอธิบายเศรษฐศาสตร์พฤติกรรมแบบ 1 2 3 4 ต้องผิดหวังแน่ ๆ แต่หนังสือมีความดีงามในตัวมันเอง เพราะมันได้พาไปรู้จักความเป็นมาของวิชาเศรษฐศาสตร์พฤติกรรมซึ่งถือได้ว่าเป็นศาสตร์ที่ใหม่มาก ๆ ในเวลานั้น จะบอกว่าหนังสือเล่มนี้เป็นหนังสือ ประวัติศาสตร์ ของเศรษฐศาสตร์พฤติกรรมก็คงไม่ผิดนัก ใครที่ชอบเศรษฐศาสตร์จะต้องชอบหนังสือเล่มนี้แน่นอน ตามหลักเศรษฐศาสตร์โดยทั่วไป （เศรษฐศาสตร์บริสุทธิ์） กล่าวว่าคนเราจะไขว่คว้าหาผลประโยชน์ให้ตัวเองอย่างเป็นเหตุเป็นผล และนั้นทำให้กลไกตลาดทำงานได้อย่างมีประสิทธิภาพตามหลัก มือที่มองไม่เห็น ของ Adam Smith ที่เชื่อว่าในตลาดเสรี ราคาถูกจะต้องเสมอ แต่มันจะมีนักเศรษฐศาสตร์มือบอนบางคนที่ชอบทำตัวแปลกแยก เริ่มจากการที่พวกเขาสังเกตเห็นความไม่สมเหตุสมผลในโมเดลเศรษฐศาสตร์ที่บอกว่าตลาดถูกเสมอ โดยเริ่มนำเอาหลักการทางจิตวิทยามาประยุกต์ใช้กับเศรษฐศาสตร์ จนทำให้สุดท้ายแล้ว โมเดลเศรษฐศาสตร์ดั้งเดิมถูกทำลายจนพังพินาศไปในที่สุด และนับแต่นั้นมา เศรษฐศาสตร์ก็เสียซิงไปตลอดกาล หนังสือเล่มนี้แม้จะเป็นหนังสือกึ่งวิชาการ แต่ก็ยอมรับว่าอ่านสนุกใช้ได้เลย ผู้เขียนซึ่งเป็นนักเศรษฐศาสตร์รางวัลโนเบลสามารถเล่าเรื่อยาก ๆ ให้เข้าได้ได้ง่ายแบบนี้ ใครก็อ่านได้แม้ว่าจะไม่ได้เรียนเศรษฐศาสตร์ มีอ่านยากอยู่บ้างในบางประเด็น แต่โดยรวมก็ยังเป็นหนังสือที่อ่านสนุกอยู่ดี ปล。 หันมามองงานเขียนเชิงวิชาการบ้านเราก็ได้แต่น้อยใจ เพราะอาจารย์เขาเขียนให้แต่คนเก่ง ๆ อ่าน มันไม่เป็นมิตรกับพวกเราคนธรรมดาเลย สุดท้ายแล้วงานเขียนที่ทรงคุณค่าดี ๆ ส่วนใหญ่เลยจึงถูกลืมไว้บนชั้นหนังสือฝุ่นเขรอะเพราะไม่มีใครหยิบมาอ่านอยู่นั่นเอง 。。。more
Siddharth Raman
，
A nice sequel to Thinking Fast and Slow。 Thaler does a nice job of chronicling the rise of Behavioural Science， a subject that never ceases to fascinate！
Anvesh
，
This is the first book I have picked up on the topic of Behavioral Economics and it took me a while to finish it。 Not because it is a tough read， but there are some books where you savour what you read， you reflect and then continue 。 This is one such book。 This book by Nobel laureate Richard Thaler not only provides basics of the subject but also gives ring side view of the evolution of Behavioral economics as a discipline。
Md。 Al-Beruni
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Reading behavioral economics is always fascinating to me。 The failure of traditional economics theories in predicting the unexpected events in economy can be explained away through the application of behavioral economics。 The initial struggle of this relatively new discipline to be accepted by the mainstream economists is the focus of this book。 The fact that human being is far from rational （hence the title “Misbehaving”）， as expected or assumed by the traditionalists， has been discussed throug Reading behavioral economics is always fascinating to me。 The failure of traditional economics theories in predicting the unexpected events in economy can be explained away through the application of behavioral economics。 The initial struggle of this relatively new discipline to be accepted by the mainstream economists is the focus of this book。 The fact that human being is far from rational （hence the title “Misbehaving”）， as expected or assumed by the traditionalists， has been discussed through different case studies。 The author tried to prove the usefulness of the behavioral science or psychology in the field of economics by showing its implication in different sectors or events like finance or American football。 At the same time the authors refuted the counter arguments of the old school economists of the like Eugene Fama， Kenneth French and Merton Miller。 The writing style is fluid and easy to follow。 。。。more
Vicster Ulanova
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A great book that dives into the formulation of Behavioral Economics and the need for it。 The book cites a great deal of reputable sources to back up the research findings that are discussed in it。 Would recommend it for everyone interested in the interface between psychology and economics。
Bettina
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