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drapoco's review against another edition
5.0
Misbehaving is a tale of Behavioral Economics. The book outlines important people and cases without becoming overly complex. This is a feat since it is a book about the clash between of fields.
The book begins in the seventies and ends in the 10s. By having a chronological thread Misbehaving has a steady flow and introduces people, books, and places as they appear through the arc of the story. Sometimes it feels like a lot of namedropping. the Richard Thaler is not to blame for when things happen because that is when they happened.
Misbehaving is not hard read but it should be read consistently and in small chunks if you want most of the nutriment provided. I had numerous contemplations and talks based on every single chapter of Misbehaving and it will shape my future thinking.
This is my second sitting with Misbehaving, and I still learned new things and relearned things that I had forgotten. Therefore, Misbehaving is put on my list of books that I will re-read.
Overall, Misbehaving is an inspiring book that should be read by everybody who wants to know why we do as we do. This could be a fine companion if you read books on marketing, business management or self-improvement. Just to name a few of the fields where Misbehaving could be a nifty fit.
The book begins in the seventies and ends in the 10s. By having a chronological thread Misbehaving has a steady flow and introduces people, books, and places as they appear through the arc of the story. Sometimes it feels like a lot of namedropping. the Richard Thaler is not to blame for when things happen because that is when they happened.
Misbehaving is not hard read but it should be read consistently and in small chunks if you want most of the nutriment provided. I had numerous contemplations and talks based on every single chapter of Misbehaving and it will shape my future thinking.
This is my second sitting with Misbehaving, and I still learned new things and relearned things that I had forgotten. Therefore, Misbehaving is put on my list of books that I will re-read.
Overall, Misbehaving is an inspiring book that should be read by everybody who wants to know why we do as we do. This could be a fine companion if you read books on marketing, business management or self-improvement. Just to name a few of the fields where Misbehaving could be a nifty fit.
pashtet31's review against another edition
5.0
This is a book about behavioral economics/finance as well about people doing it. Good overview of the field evolution from the inside.
branch_c's review against another edition
4.0
Maybe surprisingly, for a book about economics, this is a solid four plus. Thaler has a talent for clearly conveying information while also writing in a way that’s thoroughly entertaining, possibly rivaling Steven Pinker in this ability.
I’m guessing he could do it regardless of the inherent quality of the subject matter, but in this case the topic is actually interesting, at least to me: the transition in economics starting in the 70s that took the field away from the conventional wisdom about “rational” human behavior toward the understanding that people often don’t behave in the expected ways.
Thaler structures the book with anecdotes from his academic career, and since he played a significant part in the development of the emerging paradigm of behavioral economics, this turns out to be a great way to present the topic to the reader to give a sense of what happened.
In hindsight, it probably shouldn’t be surprising that people are not necessarily rational, and rely on “supposedly irrelevant factors” when making decisions. But the studies described here not only demonstrate this, but also characterize and even predict behavior. The more these ideas are understood, the more likely they are to inform changes to society that can potentially make the world a better place.
So, the book is nicely done; an enjoyable and informative read for anyone interested in economics, psychology, or really human behavior in general.
I’m guessing he could do it regardless of the inherent quality of the subject matter, but in this case the topic is actually interesting, at least to me: the transition in economics starting in the 70s that took the field away from the conventional wisdom about “rational” human behavior toward the understanding that people often don’t behave in the expected ways.
Thaler structures the book with anecdotes from his academic career, and since he played a significant part in the development of the emerging paradigm of behavioral economics, this turns out to be a great way to present the topic to the reader to give a sense of what happened.
In hindsight, it probably shouldn’t be surprising that people are not necessarily rational, and rely on “supposedly irrelevant factors” when making decisions. But the studies described here not only demonstrate this, but also characterize and even predict behavior. The more these ideas are understood, the more likely they are to inform changes to society that can potentially make the world a better place.
So, the book is nicely done; an enjoyable and informative read for anyone interested in economics, psychology, or really human behavior in general.
samstillreading's review against another edition
4.0
I first became interested in behavioural economics a few years ago. It’s a branch of economics that combines some psychology elements, asking the question – what if humans don’t behave rationally? What if they do things that benefit them and not others? What if they act stupidly? It’s quite a departure the basis of traditional economics – even radical. Richard Thaler is one of the pioneers of this field and this is the story of how it all happened.
The story starts with Thaler as a young economist, noting that his professors didn’t think he would amount to much. He starts working with psychologists on the fringe of what’s expected in economics, pushing the envelope on disproving the basis theories of economics that you would have learned in high school. But humans don’t behave like ‘Econs’, those rational, selfless beings. They can be lazy (something Thaler calls himself several times) and they make mistakes. They will travel extra to save $10 on a $500 purchase, but not on a $30 purchase (which is just bad maths). They have biases and are more willing to take risks if they are losing to even the stakes (which makes no sense). It’s an insight into how we all behave at various times – inconsistently and with varying fairness. Thaler follows this through with multiple examples and experiments as the book travels through his career. It starts with everyday issues and continues into the world of finance, looking at the stock market and other areas. (This wasn’t my favourite area of the book, maybe because I don’t work in the area but it did raise a lot of points about value and investment). There is a relatively small part about nudge economics in the UK to gently direct people into making correct choices (you can read more in the book Nudge). However, I really enjoyed the stories about the university faculty choosing their new offices and the draft for American football. All totally relatable and apply to other sports with drafts too.
Thaler writes with a hefty dose of humour. I took this book to the hairdresser and didn’t expect to be laughing so much. It’s easy to understand and read, with multiple diagrams to highlight certain experiments as well as references should you want to look anything up in more detail. It’s probably not the book to start with if you have no economics background at all, but if you know a bit about traditional economics you’ll love how Thaler pokes fun at it.
http://samstillreading.wordpress.com
The story starts with Thaler as a young economist, noting that his professors didn’t think he would amount to much. He starts working with psychologists on the fringe of what’s expected in economics, pushing the envelope on disproving the basis theories of economics that you would have learned in high school. But humans don’t behave like ‘Econs’, those rational, selfless beings. They can be lazy (something Thaler calls himself several times) and they make mistakes. They will travel extra to save $10 on a $500 purchase, but not on a $30 purchase (which is just bad maths). They have biases and are more willing to take risks if they are losing to even the stakes (which makes no sense). It’s an insight into how we all behave at various times – inconsistently and with varying fairness. Thaler follows this through with multiple examples and experiments as the book travels through his career. It starts with everyday issues and continues into the world of finance, looking at the stock market and other areas. (This wasn’t my favourite area of the book, maybe because I don’t work in the area but it did raise a lot of points about value and investment). There is a relatively small part about nudge economics in the UK to gently direct people into making correct choices (you can read more in the book Nudge). However, I really enjoyed the stories about the university faculty choosing their new offices and the draft for American football. All totally relatable and apply to other sports with drafts too.
Thaler writes with a hefty dose of humour. I took this book to the hairdresser and didn’t expect to be laughing so much. It’s easy to understand and read, with multiple diagrams to highlight certain experiments as well as references should you want to look anything up in more detail. It’s probably not the book to start with if you have no economics background at all, but if you know a bit about traditional economics you’ll love how Thaler pokes fun at it.
http://samstillreading.wordpress.com
tvrandhavane's review against another edition
5.0
A good book to learn the basics and the history of behavioral economics written by one of the field's pioneers. The writing is witty and funny. The technical difficulty remains low making it not a difficult book to read. Overall, a great book indeed and I couldn't find a flaw in it.