Author: Richard H. Thaler
Synopsis By Faisal Quaiyyum Inan
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BDT 200 - BDT2000
'Misbehaving', considered as one of the pioneer books in shaping the behavioral economics discipline, is mainly a collection of Richard Thaler's main findings that overlap the discipline of economics and psychology during his long academic career.
In this book, Thaler shows us how he has sought the understanding of economics by embracing human weaknesses, irrationalities, and peculiarities. Yes, he considered 'humans' as 'humans' instead of 'econs', the rational beings who just maximize their corresponding utilities by staying at various tangent points.
By associating different real-life stories of how people behave while saving for old ages, competing in game shows, managing household finances, and so on, Thaler presents a very different view of looking into ourselves, our everyday behaviors, decisions, and economics.
This book mainly focuses on how the foundational theories of behavioral economics came into shape and some previews of the upcoming charming prospects of this discipline. It is a very fun read since Thaler has used his brilliant sense of humor in narrating the stories and the underlying theories.
There is no prerequisite to reading this book. However, basic knowledge in economics and psychology may make it easier for the readers to understand the content.