Misbehaving: The Making Of Behavioral Economics
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In conclusion, looking forward, the future for behavioral economics is bright. Most recently, Thaler teamed up with Rohan Silva of the U.K. Conservative Party to form the Behavioural Insights Team (BIT). The BIT aims to make the U.K. government more effective and efficient and to propose innovative economic policies. Thus far, the insights gained from working on the BIT have been enriching to the discipline of behavioral economics itself. However, Thaler stresses that businesses or governments can use behavioral sciences for self-serving and malevolent purposes. It remains important that, going forward, behavioral insights are applied prudently and within reason.
\"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.\"--Publisher's description.
Misbehaving is well worth the read. It is humorous, engaging, thought-provoking, and insightful. Complex theories are well explained and, though the author often champions behavioral economics over traditional methodology, it seems to offer a fair analysis of the newest branch of economics.
The above is a straight-forward example of how concisely Thaler explains why behavioral economics is so essential to understanding your own business. Wise economic decisions cannot be made in a vacuum without consideration of how people will interact with theory.
Behavioral economics, Roman noted, has helped highlight flaws in human decision making such as heuristics, the mental shortcuts people use to solve problems but that are prone to errors; anchoring, the reliance on an initial piece of information to make subsequent judgments; and bias. Man Group uses specialized coaches to work with investment professionals in their decision making.
About the book: 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.
About the author: Over the course of his storied career, Thaler has worked to examine the intersection between economics and psychology. Widely recognized as one of the most seminal figures in the field of behavioral economics, he was awarded the 2017 Nobel Memorial Prize in Economic Sciences. Thaler is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.
Richard Thaler takes readers on an entertaining journey through the evolution of behavioral economics. His gift for writing has produced a book that is a blend of his life as a research professor, stories of other economists he met along the way, and a history of behavioral economics. This book is an excellent read on the shortcomings of classical economic and finance theory.
If behavioral science is to play a role in policymaking, it is for two possible reasons. First, existing research can tell policymakers something that they need to know. It is clear, for example, that the default rule really matters: If people have to take steps to enroll in a plan of some kind, participation rates will likely be far lower than if they are automatically enrolled. (Oregon has recently taken advantage of this point by becoming the first state in the union that automatically registers people as voters.) It is also clear that complexity can impose exceedingly high costs; lengthy paperwork requirements can undermine important programs. Second, people in government might do their own research, above all by conducting randomized controlled trials.
There is nothing at all distinctly behavioral, of course, about empirical testing or randomized controlled trials. Many people who have no enthusiasm for behavioral economics, and who think that standard economic theory has things essentially right, love the idea of testing, and they endorse, even insist on randomized controlled trials. Agencies hardly need a Behavioral Insights Team to test their policies. They can, and should, do that on their own.
Whether buying a new car, selling baseball 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, 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. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. 59ce067264
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