Misbehaving: The Making of Behavioral Economics

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Thaler, Richard H.. 2016. Misbehaving: The Making of Behavioral Economics. W. W. Norton & Company.


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For four decades, since my time as a graduate student, I have been preoccupied by the kinds of stories about the myriad ways in which people depart from the fictional creatures that populate economic models [...]. Compared to this fictional world of Econs, Humans do a lot of misbehaving, and that means that economic models make a lot of bad predictions, predictions that can have much more serious consequences than upsetting a group of students. Virtually no economists saw the financial crisis of 2007 – 08 coming, and worse, many thought that both the crash and its aftermath were things that simply could not happen.
Richard Thaler, "Misbehaving: The Making of Behavioral EconomicsMisbehaving: The Making of Behavioral Economics"