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Misbehaving: The Making of Behavioral Economics, by Richard H. Thaler
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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 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
- Sales Rank: #7742 in Books
- Published on: 2016-06-14
- Released on: 2016-06-14
- Original language: English
- Number of items: 1
- Dimensions: 8.30" h x 1.10" w x 5.50" l, .0 pounds
- Binding: Paperback
- 432 pages
Review
“A sly and somewhat subversive history of [the economics] profession . . . engrossing and highly relevant.” (Jonathan A. Knee - New York Times)
“Highly enjoyable . . . dense with fascinating examples. . . . It is long past time to replace Econs with Humans, both in theory and in the practice of prediction.” (Carol Tavris - Wall Street Journal)
“A dryly humorous history of the revolution [Thaler] helped ignite, as well as a useful (if sometimes challenging) primer on its key concepts.” (Julia M. Klein - Chicago Tribune)
“[A] masterful, readable account of behavioral economics. Very well done.” (David Wessel, Pulitzer Prize-winning journalist, author of Red Ink and Ben Bernanke’s War on the Great Panic)
“Bound to become a classic. Now established as one of the great figures in the history of economic thought, Thaler has no predecessors. A rebel with a cause . . .[w]here he wins Olympic gold is in keen observation; his greatest insights come from actually looking.” (Cass Sunstein - New Rambler)
“Entertaining…. An excellent read on the shortcomings of classical economic and finance theory.” (Ronald L. Moy, CFA Institute)
“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 book.” (Daniel Kahneman, winner of the Nobel Prize in Economics and author of Thinking, Fast and Slow)
“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)
“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)
About the Author
Richard H. Thaler is the coauthor of the best-selling book Nudge with Cass R. Sunstein, and the author of Quasi Rational Economics and The Winner’s Curse. He is a professor of behavioral science and economics at the University of Chicago Booth School of Business and, in 2015, the president of the American Economic Association.
Most helpful customer reviews
30 of 32 people found the following review helpful.
Paradigm Shift - The Evolution of Behavioral Economics
By A Rationalist
"The foundation of political economy and, in general of every social science, is evidently psychology. A day may come when we shall be able to deduce the laws of social science from the principles of psychology." Vilfredo Pareto, 1906
Misbehaving is a thoroughly enjoyable read, both comprehensive and replete with historical context, but "neither a treatise nor a polemic" as prefaced by Thaler. Instead, it is a memoir and a chronological history on the rise of behavioral economics as a legitimate discipline, making it an excellent introduction to the field. The book is lengthy, an un-lazy 358 pages, but an easy read because of Thaler's self-deprecating style and numerous examples that are both funny and informative (like oenophile mental accounting). My favorite illustrative anecdote, however, was the kerfuffle that ensued among the "efficient market" professors at the University of Chicago when it came time to hold a lottery on allocating offices in their new academic building - hilarious.
I got hooked on behavioral economics almost 20 years ago at a conference held on the topic at Harvard's Kennedy School, featuring Richard Thaler, Richard Zeckhauser, Arnie Wood and others. The seeds planted from that fascinating seminar led me to be a lifelong student of this emerging, multi-disciplinary field and the importance of metacognition - quite literally, thinking about thinking. For an alcoholic, admitting you have a problem is the first step towards recovery. Analogously, it is impossible to temper evolutionarily prewired heuristics and biases unless you have studied them - and even then, it is too easy to 'fall off the wagon.' Anchoring, myopic loss aversion, overconfidence and hyperbolic discounting are all pervasive, but you have to understand the nature of these inherent biases to have any chance of counteracting them in your own behavior, both personally and professionally. As an institutional money manager overseeing billions of dollars in client assets, the lessons learned from behavioral finance have - unequivocally - been a key source of competitive advantage for me in an otherwise fairly efficient market.
From a personal standpoint, the useful lessons are also manifold and overlap with research on happiness and the value of rich experiences over accumulating more 'stuff.' Specifically, understanding the siren song of transaction utility (i.e. bargains) vs. acquisition utility (the 'consumer surplus') offers great insight on how to spend money. As Thaler notes: "For those who are at least living comfortably, negative transaction utility can prevent our consuming special experiences that will provide a lifetime of happy memories, and the amount by which the item was overpriced will long be forgotten. Good deals, on the other hand, can lure all of us into making purchases of objects of little value." Learn this lesson and you will be more likely to scalp an expensive ticket to the 'last' Rolling Stones tour than buy a fancy new jacket that is enticingly on sale, but will eventually gather dust in the back of your closet (Note: this also dovetails nicely with Buddhist philosophy around impermanence and craving - see "Hooked! Buddhist Writings on Greed, Desire, and the Urge to Consume" by Shambhala).
An excellent complementary read to Misbehaving, for those interested in the evolutionary drivers of behavioral biases, is "Kluge: The Haphazard Construction of the Human Mind" by Gary Marcus. Likewise, Nassim Taleb's brilliant "Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets" is also a highly relevant read. Finally, for anyone with an interest in the applied behavioral field of 'choice architecture,' Thaler's earlier book with Cass Sunstein, "Nudge: Improving Decisions About Health, Wealth, and Happiness" is also thought-provoking. As a registered libertarian, I can honestly say that I have no problem with Thaler's view towards 'nudging' people to better outcomes through choice architecture, despite predictable criticisms of 'libertarian paternalism' as Orwellian (see Robert Williams' letter in WSJ - 5/23/15). Thaler clarifies the nudge objective as trying to "influence choices in a way that will make the choosers better off, as judged by themselves."
This is a very intimate book - reading Misbehaving, one is left with the wonderful feeling they've spent a long weekend with Thaler hearing about the history and rise of behavioral finance, over multiple bottles of wine, and all while being peppered with entertaining personal references and anecdotes.
27 of 30 people found the following review helpful.
Easily The Best Introduction of Behavioral Economics Available
By Hugh H. Schwartz
Richard Thaler's, Misbehaving: The Making of Behavioral Economics, is easily the best introduction to the subject available--for economists as well as for the general reader. Definitely so, despite a few omissions (noted below), largely because of the author's facility of explaining, in easy-to-grasp terms, the contribution that behavioral economics is making to problem solving (as well as to understanding recent economic decisions). This may be due, in part, to his personal involvement in so many phases of the development of the approach (such as in the successful effort to increase employee savings).
As for the omissions, perhaps the most significant relates to what Thaler considers the most important aim of behavioral economics, the gathering of evidence about actual human behavior. There is a relative inattention to field or natural exercises compared to laboratory economics--though the importance of the latter is acknowledged briefly towards the end of the book. A second, and more important shortcoming, is the failure to note the potential of asking decision makers to explain why they made certain decisions; this is being undertaken successfully by Truman Bewley, and is now being given more attention by several of the empirically oriented economists cited in the book. A third is that the "libertarian paternalistic" nudging which has led employees to increase their rate of saving, may not be the best that they could do, which is now being emphasized by others that Thaler also cites. Perhaps a second edition of The Making of Behavioral Economics will take note of these points.
These are minor problems, however. We have a major debt to Richard Thaler for all that he has contributed to the field and for his ability to explain everything in a manner that is really a pleasure to read.
Hugh Schwartz (a behavioral economist)
5 of 5 people found the following review helpful.
A lot more autobiography than behavioral economics book
By Rafael Sánchez Cacho
Far less than what I was expecting. He talks too much about his life and too little about behavioral economy and its use.
It does have some really good ideas, but they are hidden on tons of boring anecdotes.
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