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Summary of Misbehaving: by Richard H. Thaler | Includes Analysis
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Summary of Misbehaving by Richard H. Thaler | Includes Analysis
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Misbehaving: The Making of Behavioral Economics is an introduction to behavioral economics and an account of Richard H. Thaler’s role in developing and popularizing the field.
The t
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Summary of Misbehaving - Instaread Summaries
Overview
Misbehaving: The Making of Behavioral Economics is an introduction to behavioral economics and an account of Richard H. Thaler’s role in developing and popularizing the field.
The traditional economic theory of the 1970s presumed that people made economic decisions rationally. In this economic vision, rational individuals—or Econs, as Thaler calls them—know what they want, and they know how much they value the things they want.
Behavioral economics, on the other hand, argues that the world is populated not by Econs, but by Humans. Humans are not always rational. They don’t always know what they want, or how much they value the things they want. In terms of traditional economic theory, Humans misbehave.
Economists used to dismiss Human misbehavior. They thought it had little effect on important decisions in finance or government. But Thaler and other behavioral economists have shown that this is not true. In fact, the misbehavior of Humans has a huge effect on these fields. For example, Human misbehavior was responsible for the housing bubble and the 2008 financial crisis.
Behavioral economists have also shown that in order to understand and predict Human misbehavior, economists need to conduct experiments and surveys of real people. The data collected can then be used to help individuals make better choices. Behavioral economics is thus
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