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Misbehaving: The Making of Behavioural Economics Paperback – 5 May 2016

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Richard H Thaler (Author)
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Richard H Thaler (Author)
4.3 out of 5 stars 33 customer reviews
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Product details

  • Paperback: 432 pages
  • Publisher: Penguin; 01 edition (5 May 2016)
  • Language: English
  • ISBN-10: 0241951224
  • ISBN-13: 978-0241951224
  • Product Dimensions: 12.9 x 2.4 x 19.8 cm
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (33 customer reviews)
  • Amazon Bestsellers Rank: 5,309 in Books (See Top 100 in Books)

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Product Description

Review

Wildly disruptive (Michael Lewis Bloomberg)

Gripping... a novelised intellectual history, replete with heroes and villains, triumphs and disasters, conflicts and comradeship... Thaler is a brilliant scholar, endlessly curious, empirically inclined and public spirited (Guardian)

Misbehaving gives us 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)

A long, genial, often humorous account of the progress of Behavioural Economics by one of its most gifted practitioners. Kahneman has described Thaler as lazy; he meant it as a compliment because Thaler's laziness means he concentrates only on the really important questions that get him out of bed in the morning... this is important stuff (Bryan Appleyard Sunday Times)

Robust enough intellectually to be a serious work of social science and a proper record of an important intellectual movement, Misbehaving is also fun for the general reader... a good book about an important topic (Daniel Finkelstein The Times)

Professor Thaler's entertaining book provides an important reminder of both the challenges and opportunities that come from working across the sometimes artificial boundaries between academic disciplines (Jonathan A. Knee New York Times)

About the Author

Richard H. Thaler is the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics and the director of the Center for Decision Research at the University of Chicago's Graduate School of Business. He is the author of Nudge: Improving Decisions About Health, Wealth and Happiness.

Customer Reviews

Top Customer Reviews

5.0 out of 5 starsComplete, Compact, Hilarious and Horse's Mouth
By Athan TOP 1000 REVIEWER on 25 May 2015
Format: Hardcover Verified Purchase
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 against those among his predecessors who tried to explain human behavior in a way that was consistent with mainstream economic theory. I'm thinking Gary Becker here (who tried to explain long lines outside empty clubs and packed cheap restaurants alike using an "upward sloping demand curve" and famously sat down to write a paper on suicide when his wife took her own life); I'm thinking the very same Robert Barro that Thaler makes fun of when he describes him as the smartest man ever, but who nonetheless made me understand in his book "Getting it Right" why superstars could get paid so much in a zero-sum game and got confirmation to his theory when Maradona was paid more than the rest of his team, Napoli, put together, and justifiably so because he not only took them to the Campionato, but also thwarted much more fancied teams from winning it.

Thaler's predecessors operated in a world where most Economics books had to start with a chapter explaining why Economics is a science. Of course they had to stick to the utility-maximizing / profit-maximizing orthodoxy! Besides, orthodox economic theory was not all that shabby when it came to predicting human behavior.Read more ›
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5.0 out of 5 starsEconomics In The Real World.
By Dr Barry Clayton TOP 500 REVIEWER on 11 May 2015
Format: Kindle Edition
When studying for my first degree in Economics I had the temerity to suggest in a seminar that the dismal subject would benefit from an injection of psychology. I can still picture the look of horror on my tutor's face. Now that idea has been increasingly embedded in what is known as Behavioural Economics, the subject is the better for it.

Some 109 years ago Pareto wrote that psychology was the foundation of political economy and of every social science. How right he was. This book joins many in explaining what psychology brings to economics. It is clear, witty and informative. The author is welll known for his previous books, particularly the popular 'Nudge'. Here he describes the history of how behavioural economists have and are challenging traditional economlcs. In addition, he tells readers about his contribution to this development. His account is a very useful work of social science as well as being attractive for the general reader.

Behavioural Economics emphasises the importance of assumptions for economic analysis. It looks at, for example, how we make choices in the real world, why incentives matter, satisficing versus maximising, the effect of emotions on decision-making, the avoidance of loss, the role of social context in decision-making, economic efficiency, how we optimize and economic bubbles. Only if these are considered can we build models that are realistic and are able to predict well . The role of maths is examined. Over the years Economics has become increasingly maths oriented. Behavioural Economics does not decry maths but it does emphasise the importance of logic and that assumptions are drawn from reality. One of the many things that Behavioural Economics has shown is that preferences are by no means always stable and consistent.Read more ›
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5.0 out of 5 starsBringing economics closer to the real world
By therealus TOP 1000 REVIEWER on 6 July 2015
Format: Hardcover Verified Purchase
Less than two decades ago, when I first studied Financial Economics, the Capital Asset Pricing Model was state of the art, Beta almost the only measure you needed to know, and the Efficient Markets Hypothesis was your basic guide to behaviour. Nowadays, CAPM is an interesting historical footnote, Beta virtually worthless and the EMH a guide to not very much at all. When I returned to economics studies about five years ago the EMH was still being taught, but alongside alternative views such as those of Richard Thaler, who points out, in this book and elsewhere, that only amongst fully rational Econs, mostly economists, does the EMH work. For the rest of us, sometimes known as Humans, anomalies are the rule.

Misbehaving is a sort of biography of Behavioural Economics or rather, as Thaler points out towards the end of the book, Behavioural Sciences, a fusion mostly of economics and psychology, the product of extensive collaboration between practitioners in both disciplines, together with inputs from people with a less discipline-specific role who have been puzzled by the results of some of their endeavours or research. Thaler begins with a few questions of his own, which he develops into The List, a record of behavioural anomalies which contradict rational expectations. He is then lucky enough to encounter the psychologists Amos Tversky and Daniel Kahneman, whose own studies complement his growing sense of discontent with conventional economic models. Together they develop a set of alternatives which seek to understand observed behaviour, and as an increasing number of people are drawn to similar conclusions, both under their influence and independently, the general idea gains traction.Read more ›
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Most Recent Customer Reviews

5.0 out of 5 starsThis is a great (and funny 😊) book about the birth of behavioural...

This is a great (and funny ') book which tells you the story of how Behavioral Change (BC) is born. I have only read up to page 130 at this point and I think the initial part... Read more

Published 3 months ago by Ming
4.0 out of 5 starsGood read!

As per advertised. Rapid delivery. Good read!

Published 6 months ago by MR
5.0 out of 5 starsThought-inciting

Excellent book, despite being written by a top academic it's a very easy read.

Published 6 months ago by T. Wilson
5.0 out of 5 starsGreat introduction into the Behavioural Economics

Great introduction into the Behavioural Economics! Recommend​ to those that want a very light read and are interested in the history of the field

Published 6 months ago by Anya
4.0 out of 5 starsFour Stars

an interesting read

Published 9 months ago by Mr. N. J. Robinson
5.0 out of 5 starsAs if your having a pint with Thaler himself

The writing style feels like Thaler’s discussing the history of behavioural economics with you in a pub, which makes it incredibly readable. Read more

Published 9 months ago by JaffaCake
5.0 out of 5 starsFive Stars

it was a present

Published 11 months ago by lyn
3.0 out of 5 starsThe Place of Economics in Social Sciences

A rarity in Economic literature - an amusing insight into the assumptions necessary to provide a mathematical interpretion to neoclassical economics. Read more

Published 11 months ago by James R. O'Callaghan
2.0 out of 5 starsNot enough behavioural economics, too much academic politics.

The first 30 % or so seemed to have quite a lot of examples of how humans actually behave in economic situations, as opposed to the abstract economic automata used by more... Read more

Published 11 months ago by Jenny Barnes
5.0 out of 5 starsExcellent reading

An excellent book exploring in depth concepts about behavioural economics and its origins, but written in a down to earth style so that everyone can understand.

Published 11 months ago by Amazon Customer

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