Fruit flies, icebergs, and negative stock prices - VII. Narrow framing on the Upper East Side - VI. Engaging with the economics profession: 1986-94 - 17. The Planner and the doer - Interlude - 13. Includes bibliographical references (pages 373-391) and index
Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments"Īrgues that economical trends cannot be predicted as much as thought, mainly because humans are so unpredictable, and reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building
More importantly, our misbehavior has serious consequences. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. "Traditional economics assumes rational actors.
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