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Misbehaving - The Making of Behavioral Economics (Paperback)
Loot Price: R324
Discovery Miles 3 240
You Save: R19
(6%)
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Misbehaving - The Making of Behavioral Economics (Paperback)
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List price R343
Loot Price R324
Discovery Miles 3 240
You Save R19 (6%)
Expected to ship within 12 - 17 working days
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Nobel laureate 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
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