Misbehaving: The Making of Behavioral Economics

Misbehaving: The Making of Behavioral Economics PDF

Author: Richard H. Thaler

Publisher: W. W. Norton & Company

Published: 2015-05-11

Total Pages: 502

ISBN-13: 0393246779

DOWNLOAD EBOOK →

Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. 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. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. 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. In other words, we misbehave. More importantly, our misbehavior has serious consequences. 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. 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 finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award

The Difference Between Economy And Psychology Factors

The Difference Between Economy And Psychology Factors PDF

Author: Johnny Ch LOK

Publisher: Independently Published

Published: 2019-05-20

Total Pages: 29

ISBN-13: 9781099449963

DOWNLOAD EBOOK →

Thus, the psychological factors of attitudes, social norms and perceived behavioral control should be seen as entrepreneur personal intention predictors. Whereas the economic variables refer to external environment influence factors of intention predictors, so called background factors. As such background factors are proposed to affect intentions via the psychological factors. Thus, economic variable factors seem as predictors of attitudes and perceived behavioral control because I believe economic variable factors can be more influential to entrepreneur personal psychological attitude change how to decide to change whose activities to adapt any economic environment to do whose entrepreneurial intention behavior consequently. For example, background ( economic) factors ,such as perceived environmental dynamism ( e.g. industry opportunities) or individual skills predict corporate entrepreneurial intentions ( intentions to act entrepreneurially within existing small and newly established companies) indirectly via attitudes and perceived control , but not via social norms.Some psychological research on attitude formation identified several factors as important determinants of behavioral attitudes. For example, the entrepreneur prior behavioral experiences connected with the target behavior, either made during one's own past behavior ( comparable to human capital factors) or made via networks (comparable to social capital factors) are deemed important. Thus, the entrepreneur's positive outcome expectation of beliefs about the likely consequences of a certain behavior result in positive attitudes regarding this behavior when these consequences are valued. ( e.g. financial gains ) are comparable to expected consequences that are indeed valued . ( i.e. financial gains ) are most likely seen as something positive.Positive psychological factorsI shall indicate the psychological factors to these industries of entrepreneurs need to own, such as financial service and retail industries entrepreneurs' attitude examples as below:Firstly, in financial service industry entrepreneurs are scored the highest in agreeableness ( defined as trust, empathy, tolerance, and kindness) of the three sectors, but they were still more competitive then average for the whole sample. They were also the most emotionally stable and therefore well equipped to deal with the high-pressure nature of financial well.Secondly, in retail sale industry, retail entrepreneurs were the most extraverted of the three sectors. By contrast, entrepreneurs in finance and technology tended to be more happy in their own company, scoring significantly high average in happy feeling. Retail entrepreneurs were also less likely to take financially risky decisions and were more luck rather than in their own ability to control external events.Thus, it seems these both industry entrepreneurs need have these positive psychological factors to create whose new businesses of who want be one successful entrepreneur. So, their attitudes include these psychological characteristics, such as risk propensity, open, conscientiousness, extraversion, agreeableness, neuroticism, self-efficacy, autonomy need, autonomy attitude, initiative, innovativeness, achievement motivation, focus of control.

Economic Psychology

Economic Psychology PDF

Author: Rob Ranyard

Publisher: John Wiley & Sons

Published: 2017-06-22

Total Pages: 512

ISBN-13: 1118926390

DOWNLOAD EBOOK →

A comprehensive overview of contemporary economic psychology Economic Psychology presents an accessible overview of contemporary economic psychology. The science of economic mental life and behavior is increasingly relevant as people are expected to take more responsibility for their household and personal economic decisions. The text will, in addition to reviewing current knowledge on each topic presented, consider the practical and policy implications for supporting economic decision making. Economic Psychology examines the central aspects of adult decision making in everyday life and includes the theories of economic decision making based on risk, value and affect, and theories of intertemporal choice. The text reviews the nature and behavioral consequences of economic mental representations about such things as material possessions, money and the economy. The editor Robert Ranyard—a noted expert on economic psychology—presents a life-span developmental approach, from childhood to old age. He also reviews the important societal issues such as charitable giving and economic sustainability. This vital resource: Reviews the economic psychology in everyday life including financial behaviour such as saving and tax-paying and matters such as entrepreneurial activity Offers an introduction to the field and traces the emergence of the discipline, from Adam Smith to George Katona and Herbert Simon Includes information on societal issues such as charitable giving and pro-environmental behaviour Considers broader perspectives on economic psychology: life-span psychological development from childhood to old age Written for students of psychology, Economic Psychology reviews the most important information on contemporary economic psychology with a focus on individual and household economic decision making, ranging widely across financial matters such as borrowing and saving, and economic activities such as buying, trading, and working.

Behavioral Economics

Behavioral Economics PDF

Author: Philip J. Corr

Publisher:

Published: 2018

Total Pages: 0

ISBN-13: 9781138228917

DOWNLOAD EBOOK →

What is behavioral economics and why is it important? -- The ascent and dissent of economics -- Econ: homo economicus -- Human: more homer (simpson) than homo economicus -- Manners, monkeys and moods -- Nudge: whys, ways and weasels -- Sell! the commercial (and political) world of persuasion

Economy and Psychology Factors

Economy and Psychology Factors PDF

Author: Johnny Ch LOK

Publisher:

Published: 2017-11-19

Total Pages: 27

ISBN-13: 9781973335665

DOWNLOAD EBOOK →

This book concerns how economy and psychology factors can influence enterprise success. I suppose any entrepreneur individual behavior will be influenced to decide to choose the best way to achieve whose strategy from both individual psychological factor influences and external economy environment factor influences. It is suitable to any readers who have interesting to judge whether what economy and psychology factors will influence any enterprise success as well as how the entrepreneur can be influenced to do any right judgement to any entrepreneurial activities from economic environment factors and the entrepreneur individual psychological factors influence more easily.

The Elgar Companion to Consumer Research and Economic Psychology

The Elgar Companion to Consumer Research and Economic Psychology PDF

Author: Peter E. Earl

Publisher: Edward Elgar Publishing

Published: 2002-01-01

Total Pages: 671

ISBN-13: 1843768704

DOWNLOAD EBOOK →

Presents over 100 specially commissioned entries on important topics in consumer research and economic psychology from behaviourism and brand loyalty to trust and the psychology of tourism. Leading scholars in the fields provide stimulating insights into the area as well as summarising existing knowledge.

Social Psychology and Economics

Social Psychology and Economics PDF

Author: David De Cremer

Publisher: Psychology Press

Published: 2013-09-05

Total Pages: 348

ISBN-13: 1135811008

DOWNLOAD EBOOK →

This book combines chapters written by leading social psychologists and economists, illuminating the developing trends in explaining and understanding economic behavior in a social world. It provides insights from both fields, communicated by eloquent scholars, and demonstrates through recent research and theory how economic behaviors may be more effectively examined using a combination of both fields. Social Psychology and Economics comes at a particularly fitting time, as a psychological approach to economics has begun to flourish in recent years, and papers exploring the intersection of these two disciplines have appeared in peer-reviewed journals, opening a dynamic dialogue between previously separated fields. This volume, the first in the Society for Judgment and Decision Making Series since acquired by Psychology Press, includes chapters by economists and psychologists. It addresses a variety of economic phenomena within a social context, such as scarcity and materialism, emphasizing the importance of integrating social psychology and economics. Social Psychology and Economics is arranged in seven parts that discuss: an introduction to the topic; preferences, utility, and choice; emotions; reciprocity, cooperation, and fairness; social distance; challenges to social psychology and economics; and collaborative reflections and projections. The market for this book is students, researchers, and professionals in the disciplines of economics, psychology, business, and behavioral decision making. Graduate students and upper-level undergraduate students will consider it a useful supplemental text.

The Social Psychology of Inequality

The Social Psychology of Inequality PDF

Author: Jolanda Jetten

Publisher: Springer Nature

Published: 2019-10-31

Total Pages: 398

ISBN-13: 3030288560

DOWNLOAD EBOOK →

Economic inequality has been of considerable interest to academics, citizens, and politicians worldwide for the past decade–and while economic inequality has attracted a considerable amount of research attention, it is only more recently that researchers have considered that economic inequality may have broader societal implications. However, while there is an increasingly clear picture of the varied ways in which economic inequality harms the fabric of society, there is a relatively poor understanding of the social psychological processes that are at work in unequal societies. This edited book aims to build on this emerging area of research by bringing together researchers who are at the forefront of this development and who can therefore provide timely insight to academics and practitioners who are grappling with the impact of economic inequality. This book will address questions relating to perceptions of inequality, mechanisms underlying effects of inequality, various consequences of inequality and the factors that contribute to the maintenance of inequality. The target audiences are students at advanced undergraduate or graduate level, as well as scholars and professionals in the field. The book fills a niche of both applied and practical relevance, strongly emphasizing theory and integration of different perspectives in social psychology. Given the broad interest in inequality within the social sciences, the book will be accessible to sociologists and political scientists as well as social, organizational, and developmental psychologists. The insights brought together in The Social Psychology of Inequality will contribute to a broader understanding of the far-reaching costs of inequality for the social health of a society and its citizens. "This edited volume brings together cutting-edge social psychological research addressing one of the most pressing issues of our times – economic inequality. Collectively, the chapters illuminate why inequality has negative effects on individuals and societies, when and for whom these negative effects are most likely to emerge, and the psychological mechanisms that maintain inequality. This comprehensive volume is an essential read for those interested in understanding and ameliorating inequality." -Brenda Major, Distinguished Professor, Department of Psychological and Brain Sciences, University of California “This invaluable volume demonstrates the indispensable and powerful contribution that social psychologists can make to our understanding of societal inequality. For those outside of social psychology it provides a unique and comprehensive overview of what social psychology has to offer, and for social psychologists it is exemplary in demonstrating how to make a systematic contribution to the understanding of a hotly debated real-world issue. Scholars and students alike and from various disciplines will gain much from reading this fascinating and inspiring social psychological journey.” -Maykel Verkuyten, Professor in Interdisciplinary Social Science, University of Utrecht “The Social Psychology of Inequality offers a superb and timely social-psychological analysis of the causes and consequence of increasing wealth and income gaps. With its refreshingly international authorship, this volume offers profound insights into the cognitive and social mechanisms that help maintain, but potentially also to overcome, an economy that is rigged in favor of the wealthy. A new and stimulating voice, illustrating science in the service of a fairer and more democratic society.” -Anne Maass, Professor of Social Psychology, University of Padova “This volume assembles an impressive list of leading international scholars to address a timely and important issue, the causes and consequences of economic inequality. The approach to the topic is social psychological, but the editors and chapters make valuable connections to related literatures on socio-structural influences in allied disciplines, such as economics, political science, and sociology. The Social Psychology of Inequality offers cutting-edge insights into the psychological dynamics of inequality and novel synthesis of structural- and individual-level influences and outcomes of inequality. It should attract a wide audience and will set the agenda for research on economic inequality well into the future.” -John F. Dovidio, Carl Iver Hovland Professor of Psychology and Public Health, Yale University

The Economic Psychology of Tax Behaviour

The Economic Psychology of Tax Behaviour PDF

Author: Erich Kirchler

Publisher: Cambridge University Press

Published: 2007-06-21

Total Pages: 278

ISBN-13: 9781107321175

DOWNLOAD EBOOK →

Tax evasion is a complex phenomenon which is influenced not just by economic motives but by psychological factors as well. Economic-psychological research focuses on individual and social representations of taxation as well as decision-making. In this 2007 book, Erich Kirchler assembles research on tax compliance, with a focus on tax evasion, and integrates the findings into a model based on the interaction climate between tax authorities and taxpayers. The interaction climate is defined by citizens' trust in authorities and the power of authorities to control taxpayers effectively; depending on trust and power, either voluntary compliance, enforced compliance or no compliance are likely outcomes. Featuring chapters on the social representations of taxation, decision-making and self-employed income tax behaviour, this book will appeal to researchers in economic psychology, behavioural economics and public administration.

Animal Spirits

Animal Spirits PDF

Author: George A. Akerlof

Publisher: Princeton University Press

Published: 2010-02-01

Total Pages: 261

ISBN-13: 1400834724

DOWNLOAD EBOOK →

From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government—simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life—such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes—and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits—the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time—unless we are prepared to take further, decisive action.