Misbehaving: The Making of Behavioral Economics

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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.

Misbehaving: The Making of Behavioral Economics Details

• Hardcover: 432 pages (Download PDF:  )


• ISBN-10: 0393080943


• ISBN-13: 978-0393080940


• Product Dimensions: 6.6 x 1.4 x 9.6 inches


• Publisher: W. W. Norton & Company; First edition (May 11, 2015)


• Language: English

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.

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Misbehaving: The Making of Behavioral Economics Review

Complete, Compact, Hilarious and Horse's Mouth
He’s taken his time and he’s waited his turn, but Richard Thaler has delivered the definitive book on Behavioral Economics, the one you can’t afford to miss. It’s a summary of the main findings, a history of how they came about and a preview of coming attractions, with due care taken to pay tribute to those who came before Thaler and apportion credit to those who worked with him.
The field is not as new as Thaler would have you think. There’s bias in this account and it is a bias against those among his predecessors who tried to explain human behavior in a way that was consistent with mainstream economic theory. I’m thinking Gary Becker here (who tried to explain long lines outside empty clubs and packed cheap restaurants alike using an “upward sloping demand curve” and famously sat down to write a paper on suicide when his wife took her own life); I’m thinking the very same Robert Barro that Thaler makes fun of when he describes him as the smartest man ever, but who nonetheless made me understand in his book “Getting it Right” why superstars could get paid so much in a zero-sum game and got confirmation to his theory when Maradona was paid more than the rest of his team, Napoli, put together, and justifiably so because he not only took them to the Campionato, but also deprived much more fancied teams from winning it.

Easily The Best Introduction of Behavioral Economics Available
Richard Thaler's, Misbehaving: The Making of Behavioral Economics, is easily the best introduction to the subject available--for economists as well as for the general reader. Definitely so, despite a few omissions (noted below), largely because of the author's facility of explaining, in easy-to-grasp terms, the contribution that behavioral economics is making to problem solving (as well as to understanding recent economic decisions). This may be due, in part, to his personal involvement in so many phases of the development of the approach (such as in the successful effort to increase employee savings).

About the Author

Richard H. Thaler is the Charles R. Walgreen Distinguished Service Professor of Economics and Behavioral Science at the University of Chicago's Graduate School of Business where he director of the Center for Decision Research. He is also a Research Associate at the National Bureau of Economic Research where he co-directs the behavioral economics project. Professor Thaler's research lies in the gap between psychology and economics. He is considered a pioneer in the fields of behavioral economics and finance.

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