Misbehaving: The Making of Behavioral Economics
October 13, 2015, 5:30–7 p.m., Gleacher Center
Richard Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. He will discuss his latest book—Misbehaving: The Making of Behavioral Economics—in a Scholes Forum fireside chat, moderated by Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth.
Misbehaving is Thaler’s arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people.
Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finances to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.
When economics meets psychology, the implications for individuals, managers, and policymakers are both profound and entertaining.
Richard Thaler, Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at Chicago Booth, will discuss his new book, Misbehaving: The Making of Behavioral Economics, in a fireside chat with Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth.
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The Myron Scholes Global Markets Forum is part of the Initiative on Global Markets (IGM) and is generously sponsored by Myron Scholes.