Friday, September 4, 2015

On the Reading Deck: Richard H. Thaler: Misbehaving, The Making ofBehavioral Economics

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. He is the author of numerous articles and the books Misbehaving: The Making of Behavioral Economics; Nudge: Improving Decisions about Health, Wealth and Happiness (with Cass Sunstein), The Winner's Curse, and Quasi Rational Economics and was the editor of the collections: Advances in Behavioral Finance, Volumes 1 and 2. He also wrote a series of articles in the Journal of Economics Perspectives called: "Anomalies." He is one of the rotating team of economists who write the Economic View column in the Sunday New York Times.

A sly and somewhat subversive history of [the economics] profession…engrossing and highly relevant.” (Jonathan A. Knee - The New York Times)

Highly enjoyable…dense with fascinating examples…. It is long past time to replace Econs with Humans, both in theory and in the practice of prediction.” (Carol Tavris - Wall Street Journal)

“IMisbehaving, Thaler offers a dryly humorous history of the revolution he helped ignite, as well as a useful (if sometimes challenging) primer on its key concepts.(Julia M. Klein - Chicago Tribune)

A masterful, readable account of behavioral economics. Very well done.” (David Wessel, Pulitzer Prize-winning journalist, author of Red Ink and Ben Bernanke’s War on the Great Panic)

Misbehaving is bound to become a classic. Now established as one of the great figures in the history of economic thought, Thaler has no predecessors. A rebel with a cause…where he wins Olympic gold is in keen observation; his greatest insights come from actually looking.” (Cass Sunstein - New Rambler)

Odd and interesting…. It's odd because it's funnier and more personal than books by professors tend to be. It's interesting because it tells the story not just of Thaler's career but also of the field of behavioral economics―the study of actual human beings rather than the rational optimizers of classical economic theory.” (Michael Lewis - Bloomberg View)

“A genial, often humorous account of the progress of behavioral economics by one of its most gifted practitioners. …Important stuff.” (Bryan Appleyard - The Sunday Times (UK))

The creative genius who invented the field of behavioral economics is also a master storyteller and a very funny man. All these talents are on display in this wonderful book.” (Daniel Kahneman, winner of the Nobel Prize in Economics and author of Thinking, Fast and Slow)

Misbehaving gives us the story behind some of the most important insights in modern economics. If I had to be trapped in an elevator with any contemporary intellectual, I’d pick Richard Thaler.” (Malcolm Gladwell)

Richard Thaler has been at the center of the most important revolution to happen in economics in the last thirty years. In this captivating book, he lays out the evidence for behavioral economics and explains why there was so much resistance to it. Read Misbehaving. There is no better guide to this new and exciting economics.” (Robert J. Shiller, winner of the Nobel Prize in Economics and author of Finance and the Good Society)

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