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April 21, 2021

Misbehaving: The Making of Behavioral Economics, by Richard Thaler (Nobel Prize, Behavioral Economics)

Misbehaving: The Making of Behavioral Economics, by Richard Thaler (Nobel Prize, Behavioral Economics)

In this book, misbehaving refers to the behaviors that contradict the basic assumptions of traditional economics. These are often the research subjects of behavioral economics. Traditional economics assumes that people are rational and that they make decisions that benefit themselves the most. To behavioral economists, however, such assumptions ignore the irrational side of people. This book reviews how behavioral economics has developed throughout the years, and also introduces some important research findings in the field of study.