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Free Misbehaving kindle ☆ eBook ↠ ThalerRichard H. Ò [KINDLE] ✾ Misbehaving: The Making of Behavioural Economics ❂ ThalerRichard H. – The Co Author of bestselling NUDGE exposes the irrational tendencies in our thinking and illuminates the way to make clear logical decisions As tR logical decisions As the most vivacious and vociferous founding member of behavioural economics Thaler presents his ins As an economics major in college but not career I always thought that the mathematical models were impressive but a perfect example of GIGO Garbage In Garbage Out The main problem was that they were all based on Economic Man a mythical creature like unicorns I never met any so I assumed that a new theory was needed Just one example To Economic Man the pain of losing 100 is eual to the pleasure of making 100 which we all know is not true This book tries to bring this discrepancy in to economics by showing that Economic Man Misbehaves according to Classic but not Behavioral Economicsclassical

ePub Ø The Making of Behavioural Economics ó ThalerRichard H.

The Co Author of bestselling NUDGE exposes the irrational tendencies in our thinking and illuminates the way to make clea This book is an intellectual autobiography written by Nobel laureate Richard Thaler The book provides a glimpse at one of the most interesting intellectual battles within the field of economics a battle between the reductionist and rationalist camp which has confounded the normative and the descriptive value of its theories and the empiricist and skeptical camp which parted away with parsimony and formal elegance in the pursuit of realismI won't summarize the wealth of evidence presented with clarity and grace in the book Rather I will make five general points that will suffice I think to entice the undecided reader to take up this good book1 This is Kuhnian book It tells a story of a paradigm shift in the field of economics from the initial hostility to the reticent acceptance and later to the widespread celebration of behavioral economics than ten of its main exponents have been awarded with the Nobel prize2 Behavioral economics is already making a dent in public policy In England and elsewhere policy makers have embraced some of its prescriptions to tackle various social problems ranging from obesity to tax evasion There is a perverse side of behavioral economics though There are good nudges and bad nudges Thaler himself sometimes sounds as an expert and unrepentant manipulator see chapter 13 for example3 Economists can no longer ignore the empirical relevance of a set of behavioral ideas loss aversion the endowment effect mental accounting hyperbolic discounting fairness preferences and narrow framing Humans do not have the brains of Einstein or Barro nor do they have the self control of an ascetic Buddhist monk Rather they have passions faulty telescopes treat various pots of wealth uite differently and can be influenced by short run returns in the stock market 4 William Baumol's early critiue of behavioral economics in the sense that it should move beyond the discovery of anomalies to a constructive agenda is still relevant Some parts of the book are just anomaly mining followed by ex post theorizing5 While reading the book I often remembered a famous dictum by novelist and also Nobel laurate Elias Canetti there aren't the most profound ideas which have often the greatest influence This book shows that simple ideas can indeed be uite influential

ThalerRichard H. ó Misbehaving: The Making of Behavioural Economics reader

Misbehaving The Making of Behavioural EconomicsIghtful findings with stories about data and experiments and shows us how to avoid making costly mistakes in our own live I was drawn to this book given that its author is a pioneer in behavioural economics To me it reads like a seuel to the fascinating works of psychologists Kahneman and Tversky on decision making and prospect theoryThe book affords a close up look a firsthand account at the exploration throughout the entire professional career of an illustrious economist The subject is the role of human psychology in the decision making process His experiments and observations bring into uestion some very basic assumptions and hypotheses in classic economics such as rationality in consumer choices and efficient marketsThe detailed discussion of economic issues is sometimes rather academictechnical It helps if the reader comes with a basic understanding of principles and methods in the study of economics which I do not possess In any case the account of the tense academic debates surrounding the subject is uite fascinating to read Towards the end of the book the author also provides useful insights on the implications of behavioural considerations for public policyIn all this is a highly recommended book that should provide an engrossing read