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ster724's review against another edition
5.0
As a Thaler fanboy and self identifying econ need, I really enjoyed this book as it operates on three levels: it's a compelling memoir of Thaler's career, a masterclass for anyone wanting to learn about behavioral economics, and a history of the field and impact behavioral econ has had on industries in the past 30+ years. written with an amazing balance of rigor, levity, and relevance; I'd rec this book to anyone who is remotely interested in how economics affects our lives in the real world , and definitely to anyone who's read #Nudge by Cass Sunstein and Richard Thaler
cisko's review against another edition
4.0
A very good, conversational review of Thaler's explorations in behavioral economics. Thaler offers an overview of his career, explaining the various topics and concepts he has encountered and investigated along the way. As an overview of behavioral economics, and a survey of its research topics and policy suggestions, the book does very good work. By its structure, it does tend to be a bit anecdotal, and it lacks a central thesis to provide it urgency. But Thaler is a wry, entertaining author, and the book is an enjoyable read that looks at some very important concepts.
fmoreno's review against another edition
4.0
I really liked this book (as I was expecting!). Thaler's writing is funny, simple and entertaining. I do like authors that while they're sharing knowledge, they are also making us laugh.
I really liked to see this side of behavioural economics. And... even though I already wanted to read Nudge, now I want it even more.
I really liked to see this side of behavioural economics. And... even though I already wanted to read Nudge, now I want it even more.
ellesbells's review against another edition
4.0
I found this an interesting overview of the topic and the structure that takes you through key ideas in the context of his life and work was really engaging. I will probably listen to this again before too long.
wilte's review against another edition
5.0
Excellent book on the rise of behavioral economics from one of the scientists at the forefront. Great mix of discoveries, going against the conventional wisdom in economics that all people choose rationally & optimal. Thaler describes his search for Supposedly Irrelevant Factors (SIFs)/anomalies that should not matter to Econs, but heavily impact Humans. He does this in a with funny asides and anecdotes., and a healthy dose of self-mockery.
Even though I am familiar with almost all of the results and science he describes, this was a rewarding read and a great addition to the growing pile of BE/Nudge books. Definitely not a me-too book in that genre.
Quotes:
p53 "To this day, the phrase “survey evidence” is rarely heard in economics circles without the necessary adjective “mere,” which rhymes with “sneer.” This disdain is simply unscientific."
p99 "The technical term for discounting of this general form that starts out high and then declines is quasi-hyperbolic discounting. If you don’t know what “hyperbolic” means, that shows good judgment on your part in what words to incorporate in your vocabulary."
p105 "If someone even more brilliant than Barro comes along and thinks of an even smarter way for people to behave, should that too become our latest model of how real people behave?"
p112 "At some point in pondering these questions, I came across a quote from social scientist Donald McIntosh that profoundly influenced my thinking: “The idea of self-control is paradoxical unless it is assumed that the psyche contains more than one energy system, and that these energy systems have some degree of independence from each other.” The passage is from an obscure book, The Foundations of Human Society."
p216 "One reason is that it is risky to be a contrarian. “Worldly wisdom teaches that is it is better for reputation to fail conventionally than to succeed unconventionally.” [Keynes]"
p263 "“the three bounds”: bounded rationality, bounded willpower, and bounded self-interest."
p281 "If there is a number, people will use it."
p329 [on the book Nudge] "Overall, I think it would be fair to say that the level of enthusiasm in the publishing community for our book varied between tepid and ice-cold."
p342 "1. If you want to encourage someone to do something, make it easy. (...) 2. We can’t do evidence-based policy without evidence."
p354 "As Gene Fama often says when he is asked about our competing views: we agree about the facts, we just disagree about the interpretation."
p363 "Good leaders must create environments in which employees feel that making evidence-based decisions will always be rewarded, no matter what outcome occurs. The ideal organizational environment encourages everyone to observe, collect data, and speak up."
Even though I am familiar with almost all of the results and science he describes, this was a rewarding read and a great addition to the growing pile of BE/Nudge books. Definitely not a me-too book in that genre.
Quotes:
p53 "To this day, the phrase “survey evidence” is rarely heard in economics circles without the necessary adjective “mere,” which rhymes with “sneer.” This disdain is simply unscientific."
p99 "The technical term for discounting of this general form that starts out high and then declines is quasi-hyperbolic discounting. If you don’t know what “hyperbolic” means, that shows good judgment on your part in what words to incorporate in your vocabulary."
p105 "If someone even more brilliant than Barro comes along and thinks of an even smarter way for people to behave, should that too become our latest model of how real people behave?"
p112 "At some point in pondering these questions, I came across a quote from social scientist Donald McIntosh that profoundly influenced my thinking: “The idea of self-control is paradoxical unless it is assumed that the psyche contains more than one energy system, and that these energy systems have some degree of independence from each other.” The passage is from an obscure book, The Foundations of Human Society."
p216 "One reason is that it is risky to be a contrarian. “Worldly wisdom teaches that is it is better for reputation to fail conventionally than to succeed unconventionally.” [Keynes]"
p263 "“the three bounds”: bounded rationality, bounded willpower, and bounded self-interest."
p281 "If there is a number, people will use it."
p329 [on the book Nudge] "Overall, I think it would be fair to say that the level of enthusiasm in the publishing community for our book varied between tepid and ice-cold."
p342 "1. If you want to encourage someone to do something, make it easy. (...) 2. We can’t do evidence-based policy without evidence."
p354 "As Gene Fama often says when he is asked about our competing views: we agree about the facts, we just disagree about the interpretation."
p363 "Good leaders must create environments in which employees feel that making evidence-based decisions will always be rewarded, no matter what outcome occurs. The ideal organizational environment encourages everyone to observe, collect data, and speak up."
ssindc's review against another edition
5.0
Yup - this is now (officially) the memoir/autobiography of the 2017 Nobel Prize Winner.....
This was a lot of fun, but it is what it is. It's a career academic writing about his professional journey - basically the story of the evolution of his successful, productive, and (arguably) paradigm shifting lifetime of research - for a popular audience in the context of the intersection of economics and, well, everything related to behavior, which, of course, includes a healthy dose of psychology.
The book holds together nicely, but what makes the book a joy are the examples, anecdotes, and results from empirical research. The topics run the gamut - from retirement savings to household insulation to corporate leadership to the NFL draft to taxation to the bowls of nuts on the table to, for me, the most entertaining, the selection of faculty offices in an elite graduate school.
If you haven't studied or read or thought much about economics, I have no idea how accessible this would be, but it wouldn't surprise me if it would be interesting and thought-provoking for anyone willing to read and question their preconceived notions and ... think.
There's a lot of life inside the ivory tower stuff that I'm guessing plenty of readers will find lies somewhere between inside baseball and too much information and geeks tell all drama, but - at least for me - I found it hugely entertaining.
It was fun reading this soon after enjoying Rodrik's Economics Rules, and I'm guessing anyone that enjoys one will enjoy the other.
Side note: I haven't yet read Nudge, Thaler's well known collaboration with Cass Sunstein, but I'll probably go back and read it at some point. At least based on my experience, this book stands up just fine on its own.
This was a lot of fun, but it is what it is. It's a career academic writing about his professional journey - basically the story of the evolution of his successful, productive, and (arguably) paradigm shifting lifetime of research - for a popular audience in the context of the intersection of economics and, well, everything related to behavior, which, of course, includes a healthy dose of psychology.
The book holds together nicely, but what makes the book a joy are the examples, anecdotes, and results from empirical research. The topics run the gamut - from retirement savings to household insulation to corporate leadership to the NFL draft to taxation to the bowls of nuts on the table to, for me, the most entertaining, the selection of faculty offices in an elite graduate school.
If you haven't studied or read or thought much about economics, I have no idea how accessible this would be, but it wouldn't surprise me if it would be interesting and thought-provoking for anyone willing to read and question their preconceived notions and ... think.
There's a lot of life inside the ivory tower stuff that I'm guessing plenty of readers will find lies somewhere between inside baseball and too much information and geeks tell all drama, but - at least for me - I found it hugely entertaining.
It was fun reading this soon after enjoying Rodrik's Economics Rules, and I'm guessing anyone that enjoys one will enjoy the other.
Side note: I haven't yet read Nudge, Thaler's well known collaboration with Cass Sunstein, but I'll probably go back and read it at some point. At least based on my experience, this book stands up just fine on its own.
germn's review against another edition
5.0
Entertaining and informative, a fantastic companion for Michael Lewis's "The Undoing Project"
dominik's review against another edition
5.0
A tale warmly told of a Human and his exploration of the field of behavioral economics; threads life and economics in a well-woven tapestry. Written in a personable style and filled with interesting insights and fascinating stories.
jpoletto's review against another edition
4.0
This is one of my favourite topics since Freakonomics, and this book is like a must read on the subject. Very well written, it provides a great overview of the history of Behaviour Economics. This is the kind a o book you should give for the Politicians to read, assuming the can read.