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Misbehaving: The Making of Behavioral Economics #2020

Misbehaving The Making of Behavioral Economics 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 indiv

  • Title: Misbehaving: The Making of Behavioral Economics
  • Author: Richard H. Thaler
  • ISBN: -
  • Page: 212
  • Format: Kindle Edition
  • Misbehaving: The Making of Behavioral Economics By Richard H. Thaler, 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 economGet 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.Shortlisted for the Financial Times McKinsey Business Book of the Year Award

    • [AZW] ¿ Misbehaving: The Making of Behavioral Economics | by ↠ Richard H. Thaler
      212 Richard H. Thaler
    • thumbnail Title: [AZW] ¿ Misbehaving: The Making of Behavioral Economics | by ↠ Richard H. Thaler
      Posted by:Richard H. Thaler
      Published :2020-01-19T17:36:04+00:00

    1 thought on “Misbehaving: The Making of Behavioral Economics

    1. He s taken his time and he s waited his turn, but Richard Thaler has delivered the definitive book on Behavioral Economics, the one you can t afford to miss It s a summary of the main findings, a history of how they came about and a preview of coming attractions, with due care taken to pay tribute to those who came before Thaler and apportion credit to those who worked with him.The field is not as new as Thaler would have you think There s bias in this account and it is a bias against those amon [...]

    2. Thaler was one of the people who brought behavioural economics into being and this book covers the story of his journey He says that classic economics describes man as a logical creature, and bases its theories upon this idealised figure In behavioural economics on the other hand, humans do a lot of misbehaving.Herewith some odd nuggets and asides I picked from the book view spoiler Economics is considered the most intellectually powerful of the social sciences, this is because it has a unified [...]

    3. What is the value of Misbehaving after Nudge and Thinking Fast and Slow After all, Thinking told us the discovery process by behavior science demigod Nudge explained how to apply behavior science to practical policy making Misbehaving has its value independent from Nudge and Thinking Unique in Misbehaving is a candid account of the struggle getting recognized when your opinions are different from the establishment, a humble understanding on the fortunate events that helped a young investigator t [...]

    4. First book I ve returned to Audible and Audible makes that astonishingly easy not that I expect to need to do it often, but, my gosh, just a click and they send me back my money impressive As my three star rating indicates, this is not a Bad book at all I listened to it for a little less than three hours, I think, and the bits about behavioral economics were really fun I enjoyed Thaler s stories about the irrational financial choices people make, which he presents in contrast with the ideal, log [...]

    5. For someone without any background in economics before, this book is an eye opener It gives me many tools that I m sure I can effectively use to argue with my friends in the future It s also an easy read Richard has many interesting stories to tell, each with many lessons to learn from.

    6. I have mixed feelings about this book I wrote a brief article about how college doesn t teach you anything, and to my horror I realized that I already learned most of what this book has to say For someone without any background in behavioral economics, I recommend reading this in conjunction with Thinking Fast and Slow, the two books will pretty much teach you everything you need to know Having studied most of the points mentioned in the book as well as reading several of the papers summarized I [...]

    7. It was once a cliche that economics theory dealt only with completely rational human beings, under the principle that this was the only way to develop workable models Even though classical economists, from Smith to Keynes, had acknowledged that human behavior often deviated from the rational, the models persisted in this foundation I guess the theory was that deviations from the rationale would be okay, because human behavior would vary in random ways, and the rational average would still hold.T [...]

    8. Yup this is now officially the memoir autobiography of the 2017 Nobel Prize WinnerThis was a lot of fun, but it is what it is It s a career academic writing about his professional journey basically the story of the evolution of his successful, productive, and arguably paradigm shifting lifetime of research for a popular audience in the context of the intersection of economics and, well, everything related to behavior, which, of course, includes a healthy dose of psychology The book holds togethe [...]

    9. This was a really fun read It gives kind of a behind the scenes look at how the field came about from one of the most prominent creators of the field.

    10. I enjoyed Thaler s ironic writing style in Misbehaving, his autobiographical history of the field of behavioral economics Full disclosure I didn t have a class with Thaler, but I attended the same University of Chicago Graduate School of Business, n k a Booth I knew of him by reputation and it is a treat to read some of my other professors names in print, e.g Anil Kashap and Doug Diamond, and others known by reputation such as Thaler s friend and, at times, ideological opponent, Gene Fama The in [...]

    11. A lot of books in my kindle collection were free downloads from a while back, which would cost anywhere from 0.99 to 3.99 if I were to buy them now I also bought a few books for 0.99 I recently went through my collection and books that no longer interest me, some of which I have never read I realized that I deleted only books that I downloaded for free and none of the ones purchased That is what Thaler calls misbehaving The value of a book is how much it would cost to replace is now not how much [...]

    12. I had to take this book back to the library today, so I don t have any of the funny stories from it to relate here what I should ve taken notes , but there were quite a few Mr Thaler might be lazy, but he s also a pretty good story teller.However, what I really got out of this book was a sense of wonder I was amazed at the world of professional economics, a field I knew nothing about I m not sure I ve ever even met an economist And what surprised, shocked and amazed me was that until the author [...]

    13. This is a book about behavioral economics finance as well about people doing it Good overview of the field evolution from the inside.

    14. By Edward ChancellorThe economics profession has been in the doldrums of late its leading practitioners failed to anticipate the financial tsunami that crashed over the global economy a few years back Economists were out of touch lost in their complex mathematical models that were built on highly unrealistic underlying assumptions Repeated bouts of market turbulence, however, have been a boon to one relatively new branch of the discipline.Behavioural economics, in the words of Richard Thaler, on [...]

    15. The most recommended and must not missed book for people who interested in behavioral economics The way professor Thaler unfold the theory is like his personal career journal His writing style is super easy to read except some part about finance and fund investment.I am very exciting to read tge argument between neo classical economists e.g Eugene Fama v.s these young and stubborn economicst who believe brand new stream of economics.I am greatly encourage you to read this book It s not the geeky [...]

    16. I really liked this book as I was expecting Thaler s writing is funny, simple and entertaining I do like authors that while they re sharing knowledge, they are also making us laugh I really liked to see this side of behavioural economics And even though I already wanted to read Nudge, now I want it even .

    17. Good enough for a 4 star rating Some interesting results and good food for thought A lot of it had previously been covered already by books like Nudge, Blink, The Tipping Point, etc The last few chapters were unnecessary and I should have skipped them.

    18. I was terrible at econ, so I don t know why I keep reading books on the subject Guess I must find them really fascinating There were a lot of interesting points in Richard Thaler s journey to basically create behavioral economics Mainly that people in the real world don t make decisions the way economists models say they should While reading many of the scenarios, I knew what real people called Humans in the book would choose and what the right decision should be So that was fun.The book covers [...]

    19. A good read for people really interested in behavioural economics This is the personal memoirs of one of the founders of the new science Great to learn the back stories behind the important discoveries and Tenets Also provides a clearer understanding of those concepts.

    20. This is Thaler s professional autobiography, and I found it thrilling a real page turner It talks though how Thaler and colleagues changed the standard view of economics It begins with Thaler s early career insights, where he realised there was something not quite right with standard economic theories Thaler then describes the whole process of developing those early insights into formal theories, debating and refining them with the help of peers, publishing them and dealing with critical respons [...]

    21. Another book on behavioural economics which is well written and enlists the various anecdotes which formed the basis for the origin of behavioural science Thaler constantly draws parallels with the works of Daniel Kahneman, Amos Tversky, Robert Shiller and other notable economists A must recommended read.

    22. I don t know what experience in Economic theory reviewers on this site have, so I don t really no how to interpret the unusually high ratings this book receives I only have an undergraduate degree in Economics from UCLA, so I have nothing but my trite opinion but nonetheless proud opinion to offer.I personally think this book is like economic psychobabble than science So you understand where I stand, I also don t believe economics is an art though many argue it is or should be When its best, it [...]

    23. A quite remarkable and entertaining read I would say the focus of the book is on interesting stories and anecdotes from behavioral economics and less on underlying theory or empirics notably as Thaler glosses over certain methodological disputes The book could have served to be much shorter it is 358 pages before notes, index, etc , hence the rating of four stars Some of the chapters seemed odd, especially the one about the NFL relating to draft strategy , as ones which could have been axed or c [...]

    24. This is definite a book that I would reread later Get interested in this book after watching his video aeaweb webcasts 2016 Thaler develops a story of how behavioural economic grows up and he summarizes a host of findings This book breaks many my year long confusing mattered I learned in class Economists get in trouble when they make a highly specific prediction that depends explicitly on everyone being economically sophisticated I am so eager to see the birth of a new theory that could both des [...]

    25. 3.5 stars In Misbehaving, Thaler outlines the progress he and his colleagues have made in developing behavioural economics as a field of study Behavioural economics is basically a mash up of economics and psychology, and seeks to explain why people behave irrationally Thaler uses two terms to distinguish between agents in typical economic models Econs and those used in behavioural economics Humans I really enjoyed learning about the applications of behavioural economics from football drafts to g [...]

    26. In this book, Richard Thaler gives a brief history of nearly everything in Behavioral Economics style narrative of how the field began the various milestones most popular surprising insights along the journey the resistance he faced from the traditional econ style scholars to how it became popular enough to be adopted by the UK policy makers for the Nudge team All in all a great book for fans of the field who are interested in it s evolution.

    27. A story teller economist You don t have to understand the topic to read it through It s like a personal journey rather than explanation about nudge , which is in another book of his It s not so much about behavioural economy but on how a hypothesis took long time to formed almost as theory It took not only academic papers but I think the combination of right idea at the right time with right people and persistence.

    28. This book is Richard Thaler s biography as a behavioural economist Well written and interesting Non economists may find it too academic or too many jargons Nudge from this author is reader friendly and can easily appeal to a general audience.

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