Misbehaving: The Making of Behavioural Economics

Author(s): Richard H. Thaler

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Why are we more likely to forgo the opportunity to sell a GBP100 bottle of wine rather than actually taking money out our wallet to pay for it, when ultimately the 'opportunity cost' of doing so is the same? Why would the 'endowment effect' mean that we value a free ticket worth hundreds of pounds more than the money we would get from selling it? In this new, ambitious work, Thaler presents his findings in behavioral economics and breaks down the biases and irrational tendencies in our thinking, showing us how to avoid making costly mistakes in life.


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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 A long, genial, often humorous account of the progress of Behavioural Economics by one of its most gifted practitioners. Kahneman has described Thaler as lazy; he meant it as a compliment because Thaler's laziness means he concentrates only on the really important questions that get him out of bed in the morning... this is important stuff -- Bryan Appleyard Sunday Times Gripping... a novelised intellectual history, replete with heroes and villains, triumphs and disasters, conflicts and comradeship... Thaler is a brilliant scholar, endlessly curious, empirically inclined and public spirited -- Richard Reeves Guardian The economist who realized how crazy we are -- Michael Lewis Bloomberg Robust enough intellectually to be a serious work of social science and a proper record of an important intellectual movement, Misbehaving is also fun for the general reader... a good book about an important topic -- Daniel Finkelstein The Times Until now... there has been no account of how the subject developed. Professor Thaler was one of its founders, and with Misbehaving has set this right Independent Professor Thaler's entertaining book provides an important reminder of both the challenges and opportunities that come from working across the sometimes artificial boundaries between academic disciplines -- Jonathan A. Knee New York Times 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 The remarkable story of how Thaler integrated findings on judgements and behaviour into economics, and demonstrated the value of his approach Nature Richard Thaler not only founded behavioral economics, he's also a great storyteller and observational comic. Have a seat, pour some good wine, and listen as the founder of a field narrates the fight to force economists to acknowledge the human brain -- Chip Heath, author of Made to Stick and Decisive 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 Thaler is the opposite of stuffy old don. The findings of Thaler and his colleagues can't be packaged into a pleasing formula because it's the messy stuff of real life, but his book makes a compelling case that when it comes to thinking about economics, we really should put ourselves into the equation Esquire Thaler has written what will come to be regarded as the subject's bible. Captivating and comprehensive, it narrates the battle he has fought, and largely won, to force economists to acknowledge that human beings misbehave Prospect A compelling blend of personal memoir and intellectual history, telling the story of how even as a doctoral student, Thaler was obsessed with the refusal of ordinary people to behave as economic models predicted Management Today A spry account of his field...pleasingly, and even exuberantly, done Kirkus Reviews

Richard H. Thaler is the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics and the director of the Center for Decision Research at the University of Chicago's Graduate School of Business. He is the author of Nudge: Improving Decisions About Health, Wealth and Happiness.

General Fields

  • : 9781846144035
  • : Penguin Books Ltd
  • : Allen Lane
  • : May 2015
  • : 240mm X 162mm X 38mm
  • : United Kingdom
  • : June 2015
  • : books

Special Fields

  • : Richard H. Thaler
  • : Hardback
  • : 1
  • : 330.019
  • : 432