Misbehaving: The Making of Behavioral Economics PDF Download

Author: Richard H. Thaler
Publisher: W. W. Norton & Company
ISBN: 0393246779
Category : Business & Economics
Languages : en
Pages : 502

View

Book Description
Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. 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

Author: Colin F. Camerer
Publisher: Princeton University Press
ISBN: 0691116822
Category : Business & Economics
Languages : en
Pages : 768

View

Book Description
Today, behavioral economics has become virtually mainstream.

Author: Eyal Zamir
Publisher: Oxford University Press
ISBN: 0190901349
Category : Business & Economics
Languages : en
Pages : 641

View

Book Description
In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.

Author:
Publisher: Elsevier
ISBN: 0444633898
Category : Business & Economics
Languages : en
Pages : 749

View

Book Description
Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics

Author: Christina A. Roberto
Publisher: Oxford University Press, USA
ISBN: 019939833X
Category : Business & Economics
Languages : en
Pages : 385

View

Book Description
Behavioral economics has potential to offer novel solutions to some of today's most pressing public health problems: How do we persuade people to eat healthy and lose weight? How can health professionals communicate health risks in a way that is heeded? How can food labeling be modified to inform healthy food choices? Behavioral Economics and Public Health is the first book to apply the groundbreaking insights of behavioral economics to the persisting problems of health behaviors and behavior change. In addition to providing a primer on the behavioral economics principles that are most relevant to public health, this book offers details on how these principles can be employed to mitigating the world's greatest health threats, including obesity, smoking, risky sexual behavior, and excessive drinking. With contributions from an international team of scholars from psychology, economics, marketing, public health, and medicine, this book is a trailblazing new approach to the most difficult and important problems of our time.

Author: Peter Diamond
Publisher: Princeton University Press
ISBN: 1400829143
Category : Business & Economics
Languages : en
Pages : 331

View

Book Description
In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics. In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.

Author: Barry Schwartz
Publisher: Harper Collins
ISBN: 0061748994
Category : Psychology
Languages : en
Pages : 308

View

Book Description
Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Author: Johnny Ch Lok
Publisher:
ISBN:
Category :
Languages : en
Pages : 70

View

Book Description
In businessmen profit earn aik vire, they can also apply behavioral economic theory to seek rationally to maximize, their rxpected, returns and had full knowledge of the data needed to succeed in this attempt, they knew the relevant cost and demand functions, calculated marginal cost and marginal revenue from all actions open to them, and pushed each line of action to the point at which the relevant marginal cost and marginal revenue were equal. Hence, for example, it is not by learning and applying appropriate mathematical formulas that one becomes and Nexpert or decision maker, bur rather by developing the required skills. often learned in the pool hall and in the firm through learning -by-doing. A training program for firm decisionmaking players, concentrating on math and engineering courses would by itself, not produce experts. Thus, behavioral assumptions should need to assume for optimal or rational intelligentchoice behavior. Moreover, there exists a variety of non-profit maximizing behaviors that have a positive probability of never failing. In fact, it has shown that firms that maximize profits are the least likely to be the market survivors.Hence, in different firms behavioral view, this sensitivity of outcomes to process can have important consequences for analysis at the level of market and economy, which assumes that consumer individual typically makes choices in their own best interest, " were best interest" is something that not incorporating into their calculations, the true costs and benefits of their choices.Hence, behavioral economy theory can help product sellers to predict consumer individual choice, attitude in order to find what the important factors influence they choose to buy the seller's products in preference. Also, behavioral economic theory is an analytical predictions, how intelligent individuals actually behave. This approach to choice behavior does not assume that individuals are in any way irrational, even through such behavior is expected to deviate substantively. Hence, the behavioral economic theory assumes humans are rational and maximum their individual self interest. In consumption view, in general, consumers choose to buy any products in preference, they will evaluate whether the product can bring the maximum economic or useful benefit to them in order to make the final purchase in our society. Such as organic food choice case, food consumers' choices, where people's may come from direct influence of other people's behavior and social norms on our behaviors. Then, theory assumes we independently know what we want and that our preferences are fixed. So, this standard theory is very good at explaining short -term decision-making.

Author: Masao Ogaki
Publisher: Springer
ISBN: 9811064393
Category : Business & Economics
Languages : en
Pages : 219

View

Book Description
This book is intended as a textbook for a course in behavioral economics for advanced undergraduate and graduate students who have already learned basic economics. The book will also be useful for introducing behavioral economics to researchers. Unlike some general audience books that discuss behavioral economics, this book does not take a position of completely negating traditional economics. Its position is that both behavioral and traditional economics are tools that have their own uses and limitations. Moreover, this work makes clear that knowledge of traditional economics is a necessary basis to fully understand behavioral economics. Some of the special features compared with other textbooks on behavioral economics are that this volume has full chapters on neuroeconomics, cultural and identity economics, and economics of happiness. These are distinctive subfields of economics that are different from, but closely related to, behavioral economics with many important overlaps with behavioral economics. Neuroeconomics, which is developing fast partly because of technological progress, seeks to understand how the workings of our minds affect our economic decision making. In addition to a full chapter on neuroeconomics, the book provides explanations of findings in neuroeconomics in chapters on prospect theory (a major decision theory of behavioral economics under uncertainty), intertemporal economic behavior, and social preferences (preferences that exhibit concerns for others). Cultural and identity economics seek to explain how cultures and people’s identities affect economic behaviors, and economics of happiness utilizes measures of subjective well-being. There is also a full chapter on behavioral normative economics, which evaluates economic policies based on findings and theories of behavioral economics.

Author: Milena S. Nikolova
Publisher: Academic Press
ISBN: 0128138122
Category : Business & Economics
Languages : en
Pages : 284

View

Book Description
Behavioral Economics for Tourism applies behavioral perspectives to business and policy challenges in the tourism industry. The book enables professionals and early career researchers to succeed by focusing on market and consumer trends, technological advancements, and the modern tourist. It covers the transformation of purchasing decisions, tourism hosting dynamics, digital mediation and disintermediation of tourism organizations, service design, and planning policy considerations. The volume concludes with case studies illustrating successful and unsuccessful behavioral tactics and strategies for tourism businesses and organizations. - Provides behavioral profiling of the digitally-informed, mobile, self-managed tourist - Allows the tourism industry to better understand tourists, both cognitively and emotionally - Supports business success, technology development and sustainability in the tourism industry - Features case studies on behavioral tactics and strategies for use in tourism