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Richard H. Thaler

Misbehaving: The Making of Behavioral Economics Hardcover – May 11, 2015

by Richard H. Thaler (Author)

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Shortlisted for the Financial Times & McKinsey Business Book of the Year Award.

Get ready to change the way you think about economics.

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.

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Editorial Reviews

Review

“A sly and somewhat subversive history of [the economics] profession…engrossing and highly relevant.”
- Jonathan A. Knee, The New York Times

“Highly enjoyable…dense with fascinating examples…. It is long past time to replace Econs with Humans, both in theory and in the practice of prediction.”
- Carol Tavris, Wall Street Journal

“In Misbehaving, [Thaler] offers a dryly humorous history of the revolution he helped ignite, as well as a useful (if sometimes challenging) primer on its key concepts.”
- Julia M. Klein, Chicago Tribune

“[A] masterful, readable account of behavioral economics. Very well done.”
- David Wessel, Pulitzer Prize-winning journalist, author of Red Ink and Ben Bernanke’s War on the Great Panic

“[Misbehaving] is bound to become a classic. Now established as one of the great figures in the history of economic thought, Thaler has no predecessors. A rebel with a cause…[w]here he wins Olympic gold is in keen observation; his greatest insights come from actually looking.”
- Cass Sunstein, New Rambler

“Entertaining…. An excellent read on the shortcomings of classical economic and finance theory.”
- Ronald L. Moy, CFA Institute

“The creative genius who invented the field of behavioral economics is also a master storyteller and a very funny man. All these talents are on display in this wonderful book.”
- Daniel Kahneman, winner of the Nobel Prize in Economics and author of Thinking, Fast and Slow

“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

“Richard Thaler has been at the center of the most important revolution to happen in economics in the last thirty years. In this captivating book, he lays out the evidence for behavioral economics and explains why there was so much resistance to it. Read Misbehaving. There is no better guide to this new and exciting economics.”
- Robert J. Shiller, winner of the Nobel Prize in Economics and author of Finance and the Good Society

About the Author

Richard H. Thaler is the coauthor of the best-selling book Nudge with Cass R. Sunstein, and the author of Quasi Rational Economics and The Winner’s Curse. He is a professor of behavioral science and economics at the University of Chicago Booth School of Business and, in 2015, the president of the American Economic Association.

Hardcover: 432 pages
Publisher: W. W. Norton & Company; First edition (May 11, 2015)
Language: English
ISBN-10: 9780393080940
ISBN-13: 978-0393080940
ASIN: 0393080943
Product Dimensions: 6.5 x 1.5 x 9.6 inches
Shipping Weight: 1.8 pounds (View shipping rates and policies)
Average Customer Review: 394 customer reviews
Amazon Best Sellers Rank: #30,329 in Books (See Top 100 in Books)
- #46 in Books > Science & Math > Mathematics > Applied > Statistics
- #53 in Books > Business & Money > Marketing & Sales > Consumer Behavior
- #76 in Books > Business & Money > Biography & History > Economic History

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394 customer reviews

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Behavioral Sciences

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Economics

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Alejandro Gaviria

A great learning experience

November 13, 2017

Format: Kindle EditionVerified Purchase

This book is an intellectual autobiography written by Nobel laureate Richard Thaler. The book provides a glimpse at one of the most interesting intellectual battles within the field of economics: a battle between the reductionist and rationalist camp (which has confounded the normative and the descriptive value of its theories), and the empiricist and skeptical camp (which parted away with parsimony and formal elegance in the pursuit of realism).

I won't summarize the wealth of evidence presented (with clarity and grace) in the book. Rather, I will make five general points that will suffice, I think, to entice the undecided reader to take up this good book.

1. This is Kuhnian book. It tells a story of a paradigm shift in the field of economics, from the initial hostility to the reticent acceptance and later to the widespread celebration of behavioral economics (more than ten of its main exponents have been awarded with the Nobel prize).

2. Behavioral economics is already making a dent in public policy. In England and elsewhere, policy makers have embraced some of its prescriptions to tackle various social problems, ranging from obesity to tax evasion. There is a perverse side of behavioral economics though. There are good nudges and bad nudges. Thaler himself sometimes sounds as an expert and unrepentant manipulator (see chapter 13 for example).

3. Economists can no longer ignore the (empirical) relevance of a set of behavioral ideas: loss aversion, the endowment effect, mental accounting, hyperbolic discounting, fairness preferences and narrow framing. "Humans do not have the brains of Einstein (or Barro), nor do they have the self-control of an ascetic Buddhist monk. Rather, they have passions, faulty telescopes, treat various pots of wealth quite differently, and can be influenced by short-run returns in the stock market."

4. William Baumol's early critique of behavioral economics in the sense that it should move beyond the discovery of anomalies to a more constructive agenda is still relevant. Some parts of the book are just anomaly-mining followed by ex post theorizing.

5. While reading the book, I often remembered a famous dictum by novelist (and also Nobel laurate) Elias Canetti: "there aren't the most profound ideas which have often the greatest influence." This book shows that simple ideas can indeed be quite influential.

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PHLXCISO

First Realistic Book on How Economics Really Works in Decades

August 31, 2017

Format: Kindle EditionVerified Purchase

As an economics major in college (but not career) I always thought that the mathematical models were impressive but a perfect example of GIGO (Garbage In Garbage Out.) The main problem was that they were all based on Economic Man, a mythical creature like unicorns. I never met any so I assumed that a new theory was needed. Just one example: To Economic Man the pain of losing $100 is equal to the pleasure of making $100 which we all know is not true. This book tries to bring this discrepancy in to economics by showing that Economic Man Misbehaves according to Classic but not Behavioral Economics.classical

13 people found this helpful

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Doctor Who

A Book to Recommend to Policy Makers and Voters Alike

August 11, 2015

Format: Kindle EditionVerified Purchase

I have previously read and used in my MBA class "Nudge" by Thaler and Cass Sunstein, and have encouraged my colleagues for years to offer behavioral finance in our curriculum. Alas, a couple of the finance guys are die hard "chicago school" folks who still believe in "the myth of the rational market" (the title of another good book I read and highly recommend). Folks in Europe imposing austerity on Greece seem equally misguided these days. In any event, this is a personal intellectual autobiography of the man who was at the center over the past forty years of the emergence of the movement to tie economics and finance to facts, and to use experiments sometimes borrowed from psychology and other social sciences to demonstrate that we are, after all, "humans" rather than perfectly informed, always rational "econs" in our lives and choices. The presentation of ideas and introduction to the important contributors to this intellectual movement make this a valuable introduction that is accessible to the general reader and non-academic, while providing useful references to further reading for students and public policy wonks as well. Highly recommended to all. If you liked Dan Ariely's "Predictably Irrational" you will find this well worth reading.

26 people found this helpful

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FCRichelieu

Story of the professional career of a pioneer in behavioural economics

June 4, 2017

Format: Kindle EditionVerified Purchase

I was drawn to this book given that its author is a pioneer in behavioural economics. To me, it reads like a sequel to the fascinating works of psychologists Kahneman and Tversky on decision making and prospect theory.

The book affords a close-up look (a firsthand account) at the exploration throughout the entire professional career of an illustrious economist. The subject is the role of human psychology in the decision making process. His experiments and observations bring into question some very basic assumptions and hypotheses in classic economics, such as rationality in consumer choices and efficient markets.

The detailed discussion of economic issues is sometimes rather academic/technical. It helps if the reader comes with a basic understanding of principles and methods in the study of economics (which I do not possess). In any case, the account of the tense academic debates surrounding the subject is quite fascinating to read. Towards the end of the book, the author also provides useful insights on the implications of behavioural considerations for public policy.

In all, this is a highly recommended book that should provide an engrossing read.

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