Misbehaving

The Making of Behavioral Economics

Richard H. Thaler (University of Chicago)

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English

Norton
12 May 2015

Economics & Business; Behavioural 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.

By: Richard H. Thaler (University of Chicago)
Imprint: Norton
Country of Publication: United States
Dimensions: Height: 244mm, Width: 165mm, Spine: 36mm
Weight: 741g
ISBN: 9780393080940
ISBN 10: 0393080943
Pages: 432
Publication Date: 12 May 2015
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Richard H. Thaler is the coauthor of the best-selling book Nudge with Cass R. Sunstein, and the author of Quasi Rational Economics and The Winner's Curse. He is a professor of behavioral science and economics at the University of Chicago Booth School of Business and, in 2015, the president of the American Economic Association.

Reviews for Misbehaving: The Making of Behavioral Economics

The creative genius who invented the field of behavioral economics is also a master storyteller and a very funny man. All these talents are on display in this wonderful and important book. -- Daniel Kahneman, winner of the Nobel Prize in Economics and author of Thinking, Fast and Slow Misbehaving gives us the story behind some of the most important insights in modern economics. If I had to be trapped in an elevator with any contemporary intellectual, I'd pick Richard Thaler. -- Malcolm Gladwell Richard Thaler has been at the center of the most important revolution to happen in economics in the last thirty years. In this captivating book, he lays out the evidence for behavioral economics and explains why there was so much resistance to it. Read Misbehaving. There is no better guide to this new and exciting economics. -- Robert J. Shiller, winner of the Nobel Prize in Economics and author of Finance and the Good Society I would like everyone in business to buy this book and claim half the cost on expenses. The book is so enjoyable, it would be improper to claim more. -- Rory Sutherland, vice-chairman, Ogilvy & Mather UK

Short-listed for Financial Times & McKinsey Business Book of the Year 2015
Short-listed for Financial Times and McKinsey Business Book of the Year Award 2015
Shortlisted for Financial Times and McKinsey Business Book of the Year Award 2015.