Misbehaving: The Making of Behavioral Economics

Name: Misbehaving: The Making of Behavioral Economics
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Book Synopsis: Shortlisted for the Financial Times & McKinsey Business Book of the Year Award. Get ready to change the way you think about 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.

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Are you tired of traditional economic theories failing to explain human behavior? Discover a groundbreaking perspective on economics with "Misbehaving: The Making of Behavioral Economics" by Richard H. Thaler. Shortlisted for the prestigious Financial Times & McKinsey Business Book of the Year Award, this eye-opening book will revolutionize the way you think about economics.

In his captivating journey, Thaler challenges the notion of rational actors in the economy, showing that humans are far from perfect, predictable beings. Through engaging anecdotes and a touch of humor, he unveils the hidden biases and irrational decisions we all succumb to. Whether it's purchasing a simple clock radio or making complex financial choices, our misbehavior has significant consequences for markets and society as a whole.

Combining insights from psychology with a deep understanding of incentives and market behavior, Thaler provides practical guidance on how to make smarter decisions in an increasingly perplexing world. From personal finance to organizational decision-making, his approach sheds light on everyday scenarios, such as faculty office assignments and even TV game shows. By embracing behavioral economics, you'll gain invaluable tools for better decision-making in your personal and professional life.

Misbehaving isn't just an enlightening read—it's an entertaining journey filled with lively anecdotes from Thaler's own battles against conventional economic thinking. Join him in this captivating exploration of the quirks that make us human and the remarkable impact they have on our lives. Whether you're an individual looking to make better choices, a manager seeking to improve decision-making within your organization, or a policymaker aiming for more effective governance, this book is an absolute must-read.

Ready to unlock a whole new understanding of economics? Click here to get your copy of "Misbehaving: The Making of Behavioral Economics" today!

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