Misbehaving: The Making of Behavioural Economics

Misbehaving The Making of Behavioural Economics Why are we likely to forgo the opportunity to sell a 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

  • Title: Misbehaving: The Making of Behavioural Economics
  • Author: Richard H. Thaler
  • ISBN: null
  • Page: 172
  • Format: Kindle Edition
  • Why are we likely to forgo the opportunity to sell a 100 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 than the money we would get from selling it In this new, ambitious work,Why are we likely to forgo the opportunity to sell a 100 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 than the money we would get from selling it In this new, ambitious work, Thaler presents his findings in behavioural economics and breaks down the biases and irrational tendancies in our thinking, showing us how to avoid making costly mistakes in life.

    One thought on “Misbehaving: The Making of Behavioural Economics”

    1. He’s taken his time and he’s waited his turn, but Richard Thaler has delivered the definitive book on Behavioral Economics, the one you can’t afford to miss. It’s a summary of the main findings, a history of how they came about and a preview of coming attractions, with due care taken to pay tribute to those who came before Thaler and apportion credit to those who worked with him.The field is not as new as Thaler would have you think. There’s bias in this account and it is a bias agains [...]

    2. Thaler was one of the people who brought behavioural economics into being - and this book covers the story of his journey. He says that classic economics describes man as a logical creature, and bases its theories upon this idealised figure. In behavioural economics on the other hand, humans do a lot of misbehaving.Herewith some odd nuggets and asides I picked from the book. (view spoiler)[*Economics is considered the most intellectually powerful of the social sciences, this is because it has a [...]

    3. What is the value of 'Misbehaving' after 'Nudge' and 'Thinking Fast and Slow'? After all, 'Thinking' told us the discovery process by behavior science demigod. 'Nudge' explained how to apply behavior science to practical policy-making. 'Misbehaving' has its value independent from 'Nudge' and 'Thinking'. Unique in 'Misbehaving' is a candid account of the struggle getting recognized when your opinions are different from the establishment, a humble understanding on the fortunate events that helped [...]

    4. First book I've returned to Audible (and Audible makes that astonishingly easy. not that I expect to need to do it often, but, my gosh, just a click and they send me back my money. impressive). As my three star rating indicates, this is not a Bad book at all. I listened to it for a little less than three hours, I think, and the bits about behavioral economics were really fun. I enjoyed Thaler's stories about the irrational financial choices people make, which he presents in contrast with the ide [...]

    5. For someone without any background in economics before, this book is an eye-opener. It gives me many tools that I'm sure I can effectively use to argue with my friends in the future. It's also an easy read. Richard has many interesting stories to tell, each with many lessons to learn from.

    6. I have mixed feelings about this book. I wrote a brief article about how college doesn't teach you anything, and to my horror I realized that I already learned most of what this book has to say. For someone without any background in behavioral economics, I recommend reading this in conjunction with Thinking Fast and Slow, the two books will pretty much teach you everything you need to know. Having studied most of the points mentioned in the book (as well as reading several of the papers summariz [...]

    7. It was once a cliche that economics theory dealt only with completely rational human beings, under the principle that this was the only way to develop workable models. Even though classical economists, from Smith to Keynes, had acknowledged that human behavior often deviated from the rational, the models persisted in this foundation. I guess the theory was that deviations from the rationale would be okay, because human behavior would vary in random ways, and the rational "average" would still ho [...]

    8. Yup - this is now (officially) the memoir/autobiography of the 2017 Nobel Prize WinnerThis was a lot of fun, but it is what it is. It's a career academic writing about his professional journey - basically the story of the evolution of his successful, productive, and (arguably) paradigm shifting lifetime of research - for a popular audience in the context of the intersection of economics and, well, everything related to behavior, which, of course, includes a healthy dose of psychology. The book h [...]

    9. This was a really fun read. It gives kind of a behind the scenes look at how the field came about from one of the most prominent creators of the field.

    10. يحكي الكاتب قصة تخصص الإقتصاد السلوكيBehavioural Economicsمن بداياته وحتى أن تأسس علم كامل باسمه.يروي المؤلف ذلك من خلال سرد قصة حياته في الجامعة ويسير بالسرد بالزمن إلى فترة عمله في الأبحاث السلوكية، ومن ثم تأليفه لكتاب الدفشة وكيف بدأ بمساعدة الحكومات بالتأثير على الناس وجعلهم يخت [...]

    11. I enjoyed Thaler's ironic writing style in Misbehaving, his autobiographical history of the field of behavioral economics. Full disclosure: I didn't have a class with Thaler, but I attended the same University of Chicago Graduate School of Business, n/k/a Booth. I knew of him by reputation and it is a treat to read some of my other professors' names in print, e.g. Anil Kashap and Doug Diamond, and others known by reputation such as Thaler's friend and, at times, ideological opponent, Gene Fama. [...]

    12. A lot of books in my kindle collection were free downloads from a while back, which would cost anywhere from 0.99$ to 3.99$ if I were to buy them now. I also bought a few books for 0.99$. I recently went through my collection and books that no longer interest me, some of which I have never read. I realized that I deleted only books that I downloaded for free and none of the ones purchased. That is what Thaler calls misbehaving. The value of a book is how much it would cost to replace is now - no [...]

    13. I had to take this book back to the library today, so I don't have any of the funny stories from it to relate here (what? I should've taken notes?), but there were quite a few. Mr. Thaler might be lazy, but he's also a pretty good story-teller.However, what I really got out of this book was a sense of wonder. I was amazed at the world of professional economics, a field I knew nothing about; I'm not sure I've ever even met an economist. And what surprised, shocked and amazed me was that until the [...]

    14. هذا الكتاب لواحد من أعلام علم الإقتصاد السلوكي behavioral economics والذي هو مجال اهتمامي، وجلّ قراءاتي المتخصصة.والكتاب الذي سارعت لقراءته متأثرًا بمكانة الكاتب لم يكن إلّا سيرة علمية للكاتب "ثالر" يطرح فيه مسيرته العلمية وانتقاله من الإقتصاد البحت إلى الإقتصاد السلوكي والذي جاء ب [...]

    15. This is a book about behavioral economics/finance as well about people doing it. Good overview of the field evolution from the inside.

    16. By Edward ChancellorThe economics profession has been in the doldrums of late – its leading practitioners failed to anticipate the financial tsunami that crashed over the global economy a few years back. Economists were out of touch - lost in their complex mathematical models that were built on highly unrealistic underlying assumptions. Repeated bouts of market turbulence, however, have been a boon to one relatively new branch of the discipline.Behavioural economics, in the words of Richard Th [...]

    17. The most recommended and must-not-missed book for people who interested in behavioral economics. The way professor Thaler unfold the theory is like his personal career journal. His writing style is super easy to read (except some part about finance and fund investment).I am very exciting to read tge argument between neo-classical economists e.g. Eugene Fama v.s. these young (and stubborn) economicst who believe brand new stream of economics.I am greatly encourage you to read this book. It's not [...]

    18. I really liked this book (as I was expecting!). Thaler's writing is funny, simple and entertaining. I do like authors that while they're sharing knowledge, they are also making us laugh. I really liked to see this side of behavioural economics. And even though I already wanted to read Nudge, now I want it even more.

    19. Good enough for a 4 star rating. Some interesting results and good food for thought. A lot of it had previously been covered already by books like Nudge, Blink, The Tipping Point, etc. The last few chapters were unnecessary and I should have skipped them.

    20. I was terrible at econ, so I don't know why I keep reading books on the subject. Guess I must find them really fascinating! There were a lot of interesting points in Richard Thaler's journey to basically create behavioral economics. Mainly that people in the real world don't make decisions the way economists' models say they should. While reading many of the scenarios, I knew what real people (called "Humans" in the book) would choose and what the right decision should be. So that was fun.The bo [...]

    21. A good read for people really interested in behavioural economics. This is the personal memoirs of one of the founders of the new science. Great to learn the back stories behind the important discoveries and Tenets. Also provides a clearer understanding of those concepts.

    22. This is Thaler's professional autobiography, and I found it thrilling - a real page-turner. It talks though how Thaler and colleagues changed the 'standard' view of economics. It begins with Thaler's early career insights, where he realised there was something 'not quite right' with standard economic theories. Thaler then describes the whole process of developing those early insights into formal theories, debating and refining them with the help of peers, publishing them (and dealing with critic [...]

    23. Another book on behavioural economics which is well written and enlists the various anecdotes which formed the basis for the origin of behavioural science. Thaler constantly draws parallels with the works of Daniel Kahneman, Amos Tversky, Robert Shiller and other notable economists. A must recommended read.

    24. I don't know what experience in Economic theory reviewers on this site have, so I don't really no how to interpret the unusually high ratings this book receives. I only have an undergraduate degree in Economics from UCLA, so I have nothing but my trite opinion but nonetheless proud opinion to offer ;).I personally think this book is more like economic-psychobabble than science. So you understand where I stand, I also don't believe economics is an art (though many argue it is or should be). When [...]

    25. A quite remarkable and entertaining read. I would say the focus of the book is on interesting stories and anecdotes from behavioral economics and less on underlying theory or empirics (notably as Thaler glosses over certain methodological disputes). The book could have served to be much shorter (it is 358 pages before notes, index, etc), hence the rating of four stars. Some of the chapters seemed odd, especially the one about the NFL (relating to draft strategy), as ones which could have been ax [...]

    26. This is definite a book that I would reread later. Get interested in this book after watching his video: aeaweb/webcasts/2016/Thaler develops a story of how behavioural economic grows up and he summarizes a host of findings. This book breaks many my year-long confusing mattered I learned in class. “Economists get in trouble when they make a highly specific prediction that depends explicitly on everyone being economically sophisticated.” I am so eager to see the birth of a new theory that cou [...]

    27. 3.5 stars. In Misbehaving, Thaler outlines the progress he and his colleagues have made in developing behavioural economics as a field of study. Behavioural economics is basically a mash up of economics and psychology, and seeks to explain why people behave irrationally. Thaler uses two terms to distinguish between agents in typical economic models ("Econs") and those used in behavioural economics ("Humans"). I really enjoyed learning about the applications of behavioural economics - from footba [...]

    28. In this book, Richard Thaler gives a 'brief history of nearly everything . (in Behavioral Economics)' style narrative of how the field began; the various milestones (most popular / surprising insights) along the journey; the resistance he faced from the traditional 'econ' style scholars to how it became popular enough to be adopted by the UK policy makers for the 'Nudge' team. All in all a great book for fans of the field who are interested in it's evolution.

    29. A story-teller economist. You don't have to understand the topic to read it through. It's more like a personal journey rather than explanation about 'nudge', which is in another book of his. It's not so much about behavioural economy but on how a hypothesis took long time to formed (almost) as theory. It took not only academic papers but - I think - the combination of right idea at the right time with right people (and persistence).

    30. This book is Richard Thaler's biography as a behavioural economist. Well-written and interesting Non-economists may find it too academic or too many jargons. Nudge from this author is more reader friendly and can more easily appeal to a general audience.

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