Misbehaving The Making Of Behavioral Economics Pdf

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Misbehaving: The Making of Behavioral Economics

Misbehaving: The Making of Behavioral Economics Pdf/ePub eBook Author: ,
Editor: W. W. Norton & Company
ISBN: 0393246779
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Misbehaving: The Making of Behavioral Economics by , Summary

Winner of the Nobel Prize in Economics Get 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 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

Biotechnological Applications of Photosynthetic Proteins

Biotechnological Applications of Photosynthetic Proteins Pdf/ePub eBook Author: Maria Teresa Giardi,Elena Piletska
Editor: Springer Science & Business Media
ISBN: 0387366725
FileSize: 1972kb
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Biotechnological Applications of Photosynthetic Proteins by Maria Teresa Giardi,Elena Piletska Summary

Biotechnological Applications of Photosynthetic Proteins: Biochips, Biosensors and Biodevices provides an overview of the recent photosystem II research and the systems available for the bioassay of pollutants using biosensors that are based on the photochemical activity. The data presented in this book serves as a basis for the development of a commercial biosensor for use in rapid pre-screening analyses of photosystem II pollutants, minimising costly and time-consuming laboratory analyses.

Policy and Choice

Policy and Choice Pdf/ePub eBook Author: William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan
Editor: Brookings Institution Press
ISBN: 9780815705017
FileSize: 701kb
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Policy and Choice by William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan Summary

Traditional public finance provides a powerful framework for policy analysis, but it relies on a model of human behavior that the new science of behavioral economics increasingly calls into question. In Policy and Choice economists William Congdon, Jeffrey Kling, and Sendhil Mullainathan argue that public finance not only can incorporate many lessons of behavioral economics but also can serve as a solid foundation from which to apply insights from psychology to questions of economic policy. The authors revisit the core questions of public finance, armed with a richer perspective on human behavior. They do not merely apply findings from psychology to specific economic problems; instead, they explore how psychological factors actually reshape core concepts in public finance such as moral hazard, deadweight loss, and incentives. Part one sets the stage for integrating behavioral economics into public finance by interpreting the evidence from psychology and developing a framework for applying it to questions in public finance. In part two, the authors apply that framework to specific topics in public finance, including social insurance, externalities and public goods, income support and redistribution, and taxation. In doing so, the authors build a unified analytical approach that encompasses both traditional policy levers, such as taxes and subsidies, and more psychologically informed instruments. The net result of this innovative approach is a fully behavioral public finance, an integration of psychology and the economics of the public sector that is explicit, systematic, rigorous, and realistic.

Behavioral Economics For Dummies

Behavioral Economics For Dummies Pdf/ePub eBook Author: Morris Altman
Editor: John Wiley & Sons
ISBN: 1118089715
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Behavioral Economics For Dummies by Morris Altman Summary

A guide to the study of how and why you really makefinancial decisions While classical economics is based on the notion that people actwith rational self-interest, many key money decisions—likesplurging on an expensive watch—can seem far from rational.The field of behavioral economics sheds light on the many subtleand not-so-subtle factors that contribute to our financial andpurchasing choices. And in Behavioral Economics For Dummies,readers will learn how social and psychological factors, such asinstinctual behavior patterns, social pressure, and mental framing,can dramatically affect our day-to-day decision-making andfinancial choices. Based on psychology and rooted in real-world examples,Behavioral Economics For Dummies offers the sort of insightsdesigned to help investors avoid impulsive mistakes, companiesunderstand the mechanisms behind individual choices, andgovernments and nonprofits make public decisions. A friendly introduction to the study of how and why peoplereally make financial decisions The author is a professor of behavioral and institutionaleconomics at Victoria University An essential component to improving your financialdecision-making (and even to understanding current events),Behavioral Economics For Dummies is important for just aboutanyone who has a bank account and is interested in why—andwhen—they spend money.

The Foundations of Behavioral Economic Analysis

The Foundations of Behavioral Economic Analysis Pdf/ePub eBook Author: Sanjit Dhami
Editor: Oxford University Press
ISBN: 0191024864
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The Foundations of Behavioral Economic Analysis by Sanjit Dhami Summary

This is the first definitive introduction to behavioral economics aimed at advanced undergraduate and postgraduate students. Authoritative, cutting edge, yet accessible, it guides the reader through theory and evidence, providing engaging and relevant applications throughout. It is divided into nine parts and 24 chapters: Part I is on behavioral economics of risk, uncertainty, and ambiguity. The evidence against expected utility theory is examined, and the behavioral response is outlined; the best empirically supported theory is prospect theory. Part II considers other-regarding preferences. The evidence from experimental games on human sociality is given, followed by models and applications of inequity aversion, intentions based reciprocity, conditional cooperation, human virtues, and social identity. Part III is on time discounting. It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models and the reference time theory. Part IV describes the evidence on classical game theory and considers several models of behavioral game theory, including level-k and cognitive hierarchy models, quantal response equilibrium, and psychological game theory. Part V considers behavioral models of learning that include evolutionary game theory, classical models of learning, experience weighted attraction model, learning direction theory, and stochastic social dynamics. Part VI studies the role of emotions; among other topics it considers projection bias, temptation preferences, happiness economics, and interaction between emotions and cognition. Part VII considers bounded rationality. The three main topics considered are judgment heuristics and biases, mental accounting, and behavioral finance. Part VIII considers behavioral welfare economics; the main topics are soft paternalism, and choice-based measures of welfare. Finally, Part IX gives an abbreviated taster course in neuroeconomics.

Is Behavioral Economics Doomed?

Is Behavioral Economics Doomed? Pdf/ePub eBook Author: David K. Levine
Editor: Open Book Publishers
ISBN: 1906924929
FileSize: 1892kb
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Is Behavioral Economics Doomed? by David K. Levine Summary

In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.

Nudge Theory in Action

Nudge Theory in Action Pdf/ePub eBook Author: Sherzod Abdukadirov
Editor: Springer
ISBN: 3319313193
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Nudge Theory in Action by Sherzod Abdukadirov Summary

This collection challenges the popular but abstract concept of nudging, demonstrating the real-world application of behavioral economics in policy-making and technology. Groundbreaking and practical, it considers the existing political incentives and regulatory institutions that shape the environment in which behavioral policy-making occurs, as well as alternatives to government nudges already provided by the market. The contributions discuss the use of regulations and technology to help consumers overcome their behavioral biases and make better choices, considering the ethical questions of government and market nudges and the uncertainty inherent in designing effective nudges. Four case studies - on weight loss, energy efficiency, consumer finance, and health care - put the discussion of the efficiency of nudges into concrete, recognizable terms. A must-read for researchers studying the public policy applications of behavioral economics, this book will also appeal to practicing lawmakers and regulators.

Behavioral Finance

Behavioral Finance Pdf/ePub eBook Author: Edwin Burton,Sunit Shah
Editor: John Wiley & Sons
ISBN: 1118331923
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Behavioral Finance by Edwin Burton,Sunit Shah Summary

An in-depth look into the various aspects of behavioralfinance Behavioral finance applies systematic analysis to ideas thathave long floated around the world of trading and investing. Yet itis important to realize that we are still at a very early stage ofresearch into this discipline and have much to learn. That is whyEdwin Burton has written Behavioral Finance: Understanding theSocial, Cognitive, and Economic Debates. Engaging and informative, this timely guide contains valuableinsights into various issues surrounding behavioral finance. Topicsaddressed include noise trader theory and models, research intopsychological behavior pioneered by Daniel Kahneman and AmosTversky, and serial correlation patterns in stock price data. Alongthe way, Burton shares his own views on behavioral finance in orderto shed some much-needed light on the subject. Discusses the Efficient Market Hypothesis (EMH) and itshistory, and presents the background of the emergence of behavioralfinance Examines Shleifer's model of noise trading and explores otherliterature on the topic of noise trading Covers issues associated with anomalies and details serialcorrelation from the perspective of experts such as DeBondt andThaler A companion Website contains supplementary material that allowsyou to learn in a hands-on fashion long after closing the book In order to achieve better investment results, we must firstovercome our behavioral finance biases. This book will put you in abetter position to do so.

The Winner's Curse

The Winner's Curse Pdf/ePub eBook Author: Richard Thaler
Editor: Simon and Schuster
ISBN: 1451697872
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The Winner's Curse by Richard Thaler Summary

Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers—they pay too much and suffer the "winner's curse"—why gamblers bet on long shots at the end of a losing day, why shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400. He also demonstrates that markets do not always operate with the traplike efficiency we impute to them.

Nudge

Nudge Pdf/ePub eBook Author: Richard H. Thaler,Cass R. Sunstein
Editor: Yale University Press
ISBN: 0300146817
FileSize: 1870kb
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Nudge by Richard H. Thaler,Cass R. Sunstein Summary

Thaler and Sunstein offer a groundbreaking discussion of how to apply the science of choice to nudge people toward decisions that can improve their lives without restricting their freedom of choice.

Red Ink

Red Ink Pdf/ePub eBook Author: David Wessel
Editor: Currency
ISBN: 0770436153
FileSize: 1681kb
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Red Ink by David Wessel Summary

The Pulitzer-Prize-winning reporter, columnist, and bestselling author of In Fed We Trust, dissects the federal budget in this New York Times bestseller. In a sweeping narrative about the people and the politics behind the budget--a topic that is fiercely debated today in the halls of Congress and the media, and yet is often misunderstood by the American public--Wessel looks at the 2011 fiscal year (which ended September 30) to see where all the money was actually spent, and why the budget process has grown wildly out of control. Through the eyes of key people, including Jacob Lew, White House director of the Office of Management and Budget; Douglas Elmendorf, director of the Congressional Budget Office; Blackstone founder and former Commerce Secretary Pete Peterson; and more, Wessel gives readers an inside look at the making of our unsustainable budget.

The Undoing Project: A Friendship That Changed Our Minds

The Undoing Project: A Friendship That Changed Our Minds Pdf/ePub eBook Author: Michael Lewis
Editor: W. W. Norton & Company
ISBN: 0393254607
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The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis Summary

“Brilliant. . . . Lewis has given us a spectacular account of two great men who faced up to uncertainty and the limits of human reason.” —William Easterly, Wall Street Journal Forty years ago, Israeli psychologists Daniel Kahneman and Amos Tversky wrote a series of breathtakingly original papers that invented the field of behavioral economics. One of the greatest partnerships in the history of science, Kahneman and Tversky’s extraordinary friendship incited a revolution in Big Data studies, advanced evidence-based medicine, led to a new approach to government regulation, and made much of Michael Lewis’s own work possible. In The Undoing Project, Lewis shows how their Nobel Prize–winning theory of the mind altered our perception of reality.

Choosing Not to Choose

Choosing Not to Choose Pdf/ePub eBook Author: Cass R. Sunstein
Editor: Oxford University Press
ISBN: 019023170X
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Choosing Not to Choose by Cass R. Sunstein Summary

Our ability to make choices is fundamental to our sense of ourselves as human beings, and essential to the political values of freedom-protecting nations. Whom we love; where we work; how we spend our time; what we buy; such choices define us in the eyes of ourselves and others, and much blood and ink has been spilt to establish and protect our rights to make them freely. Choice can also be a burden. Our cognitive capacity to research and make the best decisions is limited, so every active choice comes at a cost. In modern life the requirement to make active choices can often be overwhelming. So, across broad areas of our lives, from health plans to energy suppliers, many of us choose not to choose. By following our default options, we save ourselves the costs of making active choices. By setting those options, governments and corporations dictate the outcomes for when we decide by default. This is among the most significant ways in which they effect social change, yet we are just beginning to understand the power and impact of default rules. Many central questions remain unanswered: When should governments set such defaults, and when should they insist on active choices? How should such defaults be made? What makes some defaults successful while others fail? Cass R. Sunstein has long been at the forefront of developing public policy and regulation to use government power to encourage people to make better decisions. In this major new book, Choosing Not to Choose, he presents his most complete argument yet for how we should understand the value of choice, and when and how we should enable people to choose not to choose. The onset of big data gives corporations and governments the power to make ever more sophisticated decisions on our behalf, defaulting us to buy the goods we predictably want, or vote for the parties and policies we predictably support. As consumers we are starting to embrace the benefits this can bring. But should we? What will be the long-term effects of limiting our active choices on our agency? And can such personalized defaults be imported from the marketplace to politics and the law? Confronting the challenging future of data-driven decision-making, Sunstein presents a manifesto for how personalized defaults should be used to enhance, rather than restrict, our freedom and well-being.

THE BEHAVIOUR BUSINESS

THE BEHAVIOUR BUSINESS Pdf/ePub eBook Author: Richard Chataway
Editor: Harriman House Limited
ISBN: 0857197347
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THE BEHAVIOUR BUSINESS by Richard Chataway Summary

If you are in business, you are in the business of behaviour – and unless a business influences behaviour, it will not succeed. In the last 50 years we have learnt more about how we behave than over the previous 5,000. This book shows how behavioural science has revolutionised our understanding of how people really think (or don’t) – and how we can use those insights in our businesses to influence behaviour and gain competitive advantage. Richard Chataway works for the BVA Nudge Unit, a global consultancy specialising in behavioural change, and has experience in everything from getting people to join the armed forces, drink spirits rather than wine, and buy flatpack furniture – to developing the world’s most successful stop-smoking mobile app. Introducing the leading thinkers and practitioners from this new field (and sharing dozens of real-world examples), Richard guides readers through the hidden influences, biases and fallacies that influence the behaviour of customers, employees, and business leaders alike – and shows how we can ethically use these insights to: • powerfully attract and retain customers • fuel true and lasting innovation • stand apart in the new world of increasing automation and artificial intelligence • change workplaces and maintain happy and productive employees and teams • and a lot more! It’s time to shape behaviour instead of simply reacting to it. The Behaviour Business is the eye-opening, practical guide you have been waiting for.

Inside the Nudge Unit

Inside the Nudge Unit Pdf/ePub eBook Author: David Halpern
Editor: Random House
ISBN: 0753551381
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Inside the Nudge Unit by David Halpern Summary

With a foreword by Richard Thaler, winner of the Nobel Prize in Economics! New Updated Edition, 2019. Dr David Halpern, behavioural scientist and head of the government's Behavioural Insights Team, or Nudge Unit, invites you inside the unconventional, multi-million pound saving initiative that makes a big difference through influencing small, simple changes in our behaviour. Using the application of psychology to the challenges we face in the world today, the Nudge Unit is pushing us in the right direction. This is their story.

The Little Book of Behavioral Investing

The Little Book of Behavioral Investing Pdf/ePub eBook Author: James Montier
Editor: John Wiley & Sons
ISBN: 9780470712030
FileSize: 508kb
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The Little Book of Behavioral Investing by James Montier Summary

A detailed guide to overcoming the most frequently encountered psychological pitfalls of investing Bias, emotion, and overconfidence are just three of the many behavioral traits that can lead investors to lose money or achieve lower returns. Behavioral finance, which recognizes that there is a psychological element to all investor decision-making, can help you overcome this obstacle. In The Little Book of Behavioral Investing, expert James Montier takes you through some of the most important behavioral challenges faced by investors. Montier reveals the most common psychological barriers, clearly showing how emotion, overconfidence, and a multitude of other behavioral traits, can affect investment decision-making. Offers time-tested ways to identify and avoid the pitfalls of investor bias Author James Montier is one of the world's foremost behavioral analysts Discusses how to learn from our investment mistakes instead of repeating them Explores the behavioral principles that will allow you to maintain a successful investment portfolio Written in a straightforward and accessible style, The Little Book of Behavioral Investing will enable you to identify and eliminate behavioral traits that can hinder your investment endeavors and show you how to go about achieving superior returns in the process. Praise for The Little Book Of Behavioral Investing "The Little Book of Behavioral Investing is an important book for anyone who is interested in understanding the ways that human nature and financial markets interact." —Dan Ariely, James B. Duke Professor of Behavioral Economics, Duke University, and author of Predictably Irrational "In investing, success means¿being on the right side of most trades. No book provides a better starting point toward that goal than this one." —Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School "'Know thyself.' Overcoming human instinct is key to becoming a better investor.¿ You would be irrational if you did not read this book." —Edward Bonham-Carter, Chief Executive and Chief Investment Officer, Jupiter Asset Management "There is not an investor anywhere who wouldn't profit from reading this book." —Jeff Hochman, Director of Technical Strategy, Fidelity Investment Services Limited "James Montier gives us a very accessible version of why we as investors are so predictably irrational, and a guide to help us channel our 'Inner Spock' to make better investment decisions. Bravo!" —John Mauldin, President, Millennium Wave Investments

Behavioural Economics

Behavioural Economics Pdf/ePub eBook Author: David Orrell
Editor: Icon Books
ISBN: 1785786458
FileSize: 624kb
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Behavioural Economics by David Orrell Summary

The controversial science that claims to have revolutionised economics. For centuries, economics was dominated by the idea that we are rational individuals who optimise our own ‘utility’. Then, in the 1970s, psychologists demonstrated that the reality is a lot messier. We don’t really know what our utility is, and we care about people other than ourselves. We are susceptible to external nudges. And far from being perfectly rational we are prone to ‘cognitive biases’ with complex effects on decision-making, such as forgetting to prepare for retirement. David Orrell explores the findings from psychology and neuroscience that are shaking up economics – and that are being exploited by policy-makers and marketers alike, to shape everything from how we shop for food, to how we tackle societal happiness or climate change. Finally, he asks: is behavioural economics a scientific revolution, or just a scientific form of marketing?

Behavioral Economics and Healthy Behaviors

Behavioral Economics and Healthy Behaviors Pdf/ePub eBook Author: Yaniv Hanoch,Andrew Barnes,Thomas Rice
Editor: Taylor & Francis
ISBN: 1317269527
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Behavioral Economics and Healthy Behaviors by Yaniv Hanoch,Andrew Barnes,Thomas Rice Summary

The field of behavioural economics can tell us a great deal about cognitive bias and unconscious decision-making, challenging the orthodox economic model whereby consumers make rational and informed choices. But it is in the arena of health that it perhaps offers individuals and governments the most value. In this important new book, the most pernicious health issues we face today are examined through a behavioral economic lens. It provides an essential and timely overview of how this growing field of study can reframe and offer solutions to some of the biggest health issues of our age. The book opens with an overview of the core theoretical concepts, after which each chapter assesses how behavioral economic research and practice can inform public policy across a range of health issues. Including chapters on tobacco, alcohol and drug use, physical activity, dietary intake, cancer screening and sexual health, the book integrates the key insights from the field to both developed and developing nations. Also asking important ethical questions around paternalism and informed choice, this book will be essential reading for students and researchers across psychology, economics and business and management, as well as public health professionals wishing for a concise overview of the role behavioral economics can potentially play in allowing people to live healthier lives.

Neuroliberalism

Neuroliberalism Pdf/ePub eBook Author: Mark Whitehead,Rhys Jones,Rachel Lilley,Jessica Pykett,Rachel Howell
Editor: Routledge
ISBN: 1317410165
FileSize: 1263kb
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Neuroliberalism by Mark Whitehead,Rhys Jones,Rachel Lilley,Jessica Pykett,Rachel Howell Summary

Many governments in the developed world can now best be described as ‘neuroliberal’: having a combination of neoliberal principles with policy initiatives derived from insights in the behavioural sciences. Neuroliberalism presents the results of the first critical global study of the impacts of the behavioural sciences on public policy and government actions, including behavioural economics, behavioural psychology and neuroeconomics. Drawing on interviews with leading behaviour change experts, organizations and policy-makers, and discussed in alignment with a series of international case studies, this volume provides a critical analysis of the ethical, economic, political and constitutional implications of behaviourally oriented government. It explores the impacts of the behavioural sciences on everyday life through a series of themes, including: understandings of the human subject; interpretations of freedom; the changing form and function of the state; the changing role of the corporation in society; and the design of everyday environments and technologies. The research presented in this volume reveals a diverse set of neuroliberal approaches to government that offer policy-makers and behaviour change professionals a real choice in relation to the systems of behavioural government they can implement. This book also argues that the behavioural sciences have the potential to support much more effective systems of government, but also generate new ethical concerns that policy-makers should be aware of.

Misbehaving: The Making of Behavioral Economics

Misbehaving: The Making of Behavioral Economics Pdf/ePub eBook Author: Richard H. Thaler
Editor: W. W. Norton & Company
ISBN: 0393246779
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Misbehaving: The Making of Behavioral Economics by Richard H. Thaler Summary

Winner of the Nobel Prize in Economics Get 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 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