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microglyphics's review against another edition
4.0
Definitely a post script to [b:Thinking, Fast and Slow|11468377|Thinking, Fast and Slow|Daniel Kahneman|https://d.gr-assets.com/books/1317793965s/11468377.jpg|16402639], but quite worthwhile. I was expecting a lot of redundancy, but, though there was some, it stood on its own.
nodens's review against another edition
5.0
While at first reads as a story about the making of Behavioral Economics, it highlights as well the deeply rooted conservatism of some branches of academia or how hard it is for radical thought to be accepted. Despite the high quality of humour and the light hearted description of events it makes you wonder why the level of hostility towards this branch of Economics.
While not a book on pure theory, learning how it all came together, coupled with explanations and anecdotes really works as an introduction into the thought process of what constitutes Behavioral Economics and how it came about. The examples that Thaler gives are eye opening and really challenge what was commonly praised as logical.
What really resonated with me from this book was the focus we all have on sunk costs, that things are not as logical as we believe them to be when inspected closely.But, most important of all, sticking to your guns even in the face of overwhelming odds. If you know you are right be prepared to defend and support your opinion.
All in all, not bad from a person who was doubted all his academic career and ended up a Nobel laureate and the president of American Economic Association.
While not a book on pure theory, learning how it all came together, coupled with explanations and anecdotes really works as an introduction into the thought process of what constitutes Behavioral Economics and how it came about. The examples that Thaler gives are eye opening and really challenge what was commonly praised as logical.
What really resonated with me from this book was the focus we all have on sunk costs, that things are not as logical as we believe them to be when inspected closely.But, most important of all, sticking to your guns even in the face of overwhelming odds. If you know you are right be prepared to defend and support your opinion.
All in all, not bad from a person who was doubted all his academic career and ended up a Nobel laureate and the president of American Economic Association.
exterus's review against another edition
5.0
Such a well-written and fluent account of the development of a branch of economics, told by one of the main protagonists himself. Thoroughly enjoyable as a book, interesting as a story and really quite informative about the subject and its subtleties. Recommended to anyone with even a distant interest in human behaviour and/or economics.
soundbyter's review against another edition
4.0
This book is great. It took me forever to finish because there are a few chapters that involve American tax reform; a topic I know very very little about, so I had to read slowly and the volume sometimes got in the way of other, more easily digested material. Thaler has a sense of humour and an ability to convey things to the everyman and often uses pulpier examples (the NFL, game shows) to convey the book's underlying principles; this helps the book along immensely. Highly recommended for those with interest in human behaviour.
devinayo's review against another edition
5.0
I like buying clothes that are on sale that I don't actually need. When the clothes arrive, I don't always wear them because it's just not as fun as making the purchase.
I gain the pleasure from getting a good bargain, instead of the goods itself. Apparently in behavioral economic terms it's known as "transaction utility", which according to Richard Thaler in his book "Misbehaving", "can lure all of us into making purchases of objects of little value." This is painfully accurate description of me and my obsession with sales.
Thaler won a Nobel Prize in 2017 for discovering what seemed to be a common truth: that humans are mostly irrational and make bad decisions especially when it comes to the economy. And yet, when he first proposed the idea decades ago, most of the economic theory was built upon the foundation that humans were rational being who seeked to optimize their utility out of the available resources.
Reading "Misbehaving" is a surprisingly fun experience, perhaps thanks to Thaler's understanding that humans are not the so-called Econs who will gladly read dense and dry nonfictions in order to gain insights and understanding about how the economy works and how we, as an irrational being, make decision that might be not always the best in the long run or has the highest value.
Some insights, such as that people are loss averse, might be a common sense now. However, combined with other insights from Thaler's research in behavioral economy, the findings are fleshed out and become more relevant to readers who are not economists. Endowment effect, for instance, explains why it is hard for us to let go of things that we have (or we think that we have) in the face of more attractive choice, be it another goods or money.
Thaler is also the author of "Nudge", which is mentioned briefly in "Misbehaving". He aims to use behavioral economic logic in making public policies or to encourage people into making better decision, which he called as libertarian paternalism.
In short, "Misbehaving" is an interesting read. There are lots of insights and interesting case studies that make the book not at all boring.
I gain the pleasure from getting a good bargain, instead of the goods itself. Apparently in behavioral economic terms it's known as "transaction utility", which according to Richard Thaler in his book "Misbehaving", "can lure all of us into making purchases of objects of little value." This is painfully accurate description of me and my obsession with sales.
Thaler won a Nobel Prize in 2017 for discovering what seemed to be a common truth: that humans are mostly irrational and make bad decisions especially when it comes to the economy. And yet, when he first proposed the idea decades ago, most of the economic theory was built upon the foundation that humans were rational being who seeked to optimize their utility out of the available resources.
Reading "Misbehaving" is a surprisingly fun experience, perhaps thanks to Thaler's understanding that humans are not the so-called Econs who will gladly read dense and dry nonfictions in order to gain insights and understanding about how the economy works and how we, as an irrational being, make decision that might be not always the best in the long run or has the highest value.
Some insights, such as that people are loss averse, might be a common sense now. However, combined with other insights from Thaler's research in behavioral economy, the findings are fleshed out and become more relevant to readers who are not economists. Endowment effect, for instance, explains why it is hard for us to let go of things that we have (or we think that we have) in the face of more attractive choice, be it another goods or money.
Thaler is also the author of "Nudge", which is mentioned briefly in "Misbehaving". He aims to use behavioral economic logic in making public policies or to encourage people into making better decision, which he called as libertarian paternalism.
In short, "Misbehaving" is an interesting read. There are lots of insights and interesting case studies that make the book not at all boring.