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Get prepared to change the way you think about economics. Richard H. Thaler has spent his career studying the radical notion that the central agents throughout the market are humans - predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious consideration of the struggle to bring an academic discipline back off to earth - and change the way we think about economics, ourselves, and our world. Traditional economics assumes logical actors. Early in his research, Thaler noticed these Spock-like automatons were nothing like real people. Whether buying a time clock radio, selling golf ball tickets, or trying to get a mortgage, most of us succumb to biases and make decisions that deviate from the requirements of rationality assumed by economists. Quite simply we misbehave. Moreover, our misbehavior has serious implications. Dismissed initially by economists as an amusing sideshow, the analysis of individual miscalculations and their effects on markets now drives efforts to make smarter decisions in our lives, our businesses, and our governments. Coupling recent discoveries in individual psychology with a sensible understanding of bonuses and market action, Thaler enlightens listeners about how exactly to make smarter decisions in an ever more mystifying world. He reveals how behavioral financial analysis opens up new ways to check out everything from household finance to assigning faculty offices in a new building to Television game shows, the NFL draft, and businesses like Uber. Laced with antic reports of Thaler's spirited fights with the bastions of traditional financial thinking, Misbehaving is a singular look into deep individual foibles. When economics fits psychology, the implications for individuals, managers, and coverage makers are both deep and entertaining.

Category: Statistics

Details

Publisher	Audible Studios
Language	English
ISBN
DATE	2015-05
Author	Richard Thaler

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