Misbehaving
The Making of Behavioral Economics
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Misbehaving
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Narrated by:
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L. J. Ganser
About this listen
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 listeners 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.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.
©2015 Richard H. Thaler (P)2015 Audible, Inc.Listeners also enjoyed...
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Overall4 out of 5 stars
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Performance3 out of 5 stars
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Story4 out of 5 stars
- Eoin
- 26-06-15
makes sense to me
Interesting history of the discipline with great stories backed up by sound science. A great read.
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4 people found this helpful
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story4 out of 5 stars
- Andrew Armstrong
- 24-12-22
Interesting
This was both interesting and, I believe, taught me something possibly useful, which I will remember and try to apply.
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story4 out of 5 stars
- Juri
- 25-09-18
quite complex, make sure to download the PDFs
I liked this book because it offered an inside look into anomalies in rational economic behavior taught in books. however the book was fun because I got my MBA degree and have a major in finance, not an easy read for those who dont know definitions of CAPM, M&M propositions, etc.. I recommend to download PDFs in advance as the book often refers to graphs. I think that this book is better if read than listened to in audible due to its complexity in theories, empirical studies, numbers, experiments, names, graphs and so on. I did enjoy it however and will use a few principles from it in my own business. Enjoy!
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1 person found this helpful
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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story3 out of 5 stars
- Tereza
- 14-04-19
for those who like behavioral economics
Some of the thoughts and principles presented in this book are really interesting. And I started recognizing them in marketing / sales tactics around me. Which is pretty scary. I will never look at an item "on a discount" again the same way ;-D
Though I have to say I have the feeling, that the book is unnecessarily long. I think it could be cut to 1/3 and still the main thoughts would be explained. With examples. Plus I do understand, that the principles are described as a part of the personal journey of the author to make the story more interesting. But my impression is he is typical example of a successful academic. I can totally hear him saying; "Ohhh man! I am sooo good and sooo smart! Would you believe that?" Hehhh ... I do not think I need to meet the author in person.
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1 person found this helpful
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story4 out of 5 stars
- Chrissy
- 07-02-21
The chapter about nudge in the uk did not age well
The chapter about Nudge in the UK did not age well. SPI-B having totally failed to adapt the UK population to adhere to Lockdown. And the authors perception about the Conservative government that brought the disastrous economic Brexit on the world. Generally ideology is missing from behavioural economics but we can be glad that the authors effort brought evonomics to the standard of a first semester biology graduate. Economics has discovered we are animals. There were Nobel prizes awarded for this. The book is intetesting anyway, even just to amaze people how primitive ecomomics was. But I guess the watch can not study the watch, only the watch maker can do this. But again the book highlights how ubiversities run also on the failed system of assumed "econs". Universities also care more about ape like hierarchies than truth and more and more about income. But it was a nice listen to to pass the lockdown nights. Depends on your discipline if you get something out of this book. Amazing economy did not even accept experiments. lol
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Overall5 out of 5 stars
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- Miriam Thorne
- 18-09-18
Fascinating insights, if a bit long occasionally
Lots of stories and a lot of authors personal career history. Too much to take it all in by listening but fascinating nonetheless
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Overall4 out of 5 stars
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Story3 out of 5 stars
- Sandy
- 31-05-18
Sandra
Ok . it was a bit slow and more economic than behavioural. no great value
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Overall5 out of 5 stars
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- Nikhil
- 11-09-18
Great Insight into irrational choices we make.
Its a precise guide to avoid behavioural mistakes and irrational choices we make everyday. I have read the works of other authors mentioned in this book and it was nice to see the things from behavioural perspective. Would recommend to anyone who has heard about 'Nudge' or 'behavioural economics' and planning to buy those books. Makes you more rational in making choices or maybe a true Econ.
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Overall5 out of 5 stars
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- A. Parry
- 02-09-18
From humble beginnings
Very digestible even for non-economists like me. At it's heart is a story about paradigm shift from first observations. The economics on top is then presented in relatable terms.
Personally thought the narrator captured the mood of the text.
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Overall4 out of 5 stars
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- James H
- 27-04-20
good behavioural history
a good run through his career, and summarises many key papers, ideas and other books from the field of behavioural economics
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