As Thaler explains in his latest book, Misbehaving: The Making of Behavioral Economics, the guests while waiting with cocktails for the meal, were devouring the cashews-the entire bowl half-eaten in minutes. Thaler traces its beginnings to a dinner party he hosted in the 1970s. Photography by Chris Strong.Ī quiet revolution in economic thinking instigated by Richard H. Management Science and Operations ManagementĬontact Employer Relations and Corporate Relations MBA Master of Arts in Middle Eastern Studies MBA Master of Arts in International Relations MBA MA Eastern European Russian Eurasian Studies When economics meets psychology, the implications for individuals, managers and policy makers are both profound and entertaining.The University of Chicago Booth School of Business He reveals how behavioural economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV quiz shows, sports transfer seasons, and businesses like Uber. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behaviour, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. 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. Whether buying an alarm clock, selling football tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. Now behavioural economics is hugely influential, changing the way we think not just about money, but about ourselves, our world and all kinds of everyday decisions. Richard Thaler has spent his career studying the notion that humans are central to the economy - and that we're error-prone individuals, not Spock-like automatons. Traditional economics assumes that rational forces shape everything. Shortlisted for the Financial Times and McKinsey Business Book of the Year Award From the renowned and entertaining behavioural economist and co-author of the seminal work Nudge, Misbehaving is an irreverent and enlightening look into human foibles.
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