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. Misbehaving is his 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. Thaler has spent his career studying the radical notion that the central agents in the economy are humans-predictable, error-prone individuals.
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