Misbehaving: The Making of Behavioral Economics

W. W. Norton & Company
20
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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

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About the author

Richard H. Thaler is the coauthor of the best-selling book Nudge with Cass R. Sunstein, and the author of Quasi Rational Economics and The Winner’s Curse. He is a professor of behavioral science and economics at the University of Chicago Booth School of Business and, in 2015, the president of the American Economic Association.

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Additional Information

Publisher
W. W. Norton & Company
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Published on
May 11, 2015
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Pages
336
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ISBN
9780393246773
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Features
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Language
English
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Genres
Business & Economics / Consumer Behavior
Business & Economics / Economic History
Psychology / Cognitive Psychology & Cognition
Psychology / Statistics
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Content Protection
This content is DRM protected.
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Major New York Times bestseller
Winner of the National Academy of Sciences Best Book Award in 2012
Selected by the New York Times Book Review as one of the ten best books of 2011
A Globe and Mail Best Books of the Year 2011 Title
One of The Economist's 2011 Books of the Year
One of The Wall Street Journal's Best Nonfiction Books of the Year 2011
2013 Presidential Medal of Freedom Recipient
Kahneman's work with Amos Tversky is the subject of Michael Lewis's The Undoing Project: A Friendship That Changed Our Minds

In the international bestseller, Thinking, Fast and Slow, Daniel Kahneman, the renowned psychologist and winner of the Nobel Prize in Economics, takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. The impact of overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the profound effect of cognitive biases on everything from playing the stock market to planning our next vacation—each of these can be understood only by knowing how the two systems shape our judgments and decisions.

Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives—and how we can use different techniques to guard against the mental glitches that often get us into trouble. Winner of the National Academy of Sciences Best Book Award and the Los Angeles Times Book Prize and selected by The New York Times Book Review as one of the ten best books of 2011, Thinking, Fast and Slow is destined to be a classic.

This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances.

Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life.


The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser.

NEW YORK TIMES BESTSELLERWALL STREET JOURNAL BESTSELLER
The Globe and Mail Top Leadership and Management BookForbes Top Creative Leadership Book
From the visionary head of Google's innovative People Operations comes a groundbreaking inquiry into the philosophy of work-and a blueprint for attracting the most spectacular talent to your business and ensuring that they succeed.

"We spend more time working than doing anything else in life. It's not right that the experience of work should be so demotivating and dehumanizing." So says Laszlo Bock, former head of People Operations at the company that transformed how the world interacts with knowledge.

This insight is the heart of WORK RULES!, a compelling and surprisingly playful manifesto that offers lessons including:

Take away managers' power over employeesLearn from your best employees-and your worstHire only people who are smarter than you are, no matter how long it takes to find themPay unfairly (it's more fair!)Don't trust your gut: Use data to predict and shape the futureDefault to open-be transparent and welcome feedbackIf you're comfortable with the amount of freedom you've given your employees, you haven't gone far enough.

Drawing on the latest research in behavioral economics and a profound grasp of human psychology, WORK RULES! also provides teaching examples from a range of industries-including lauded companies that happen to be hideous places to work and little-known companies that achieve spectacular results by valuing and listening to their employees. Bock takes us inside one of history's most explosively successful businesses to reveal why Google is consistently rated one of the best places to work in the world, distilling 15 years of intensive worker R&D into principles that are easy to put into action, whether you're a team of one or a team of thousands.

WORK RULES! shows how to strike a balance between creativity and structure, leading to success you can measure in quality of life as well as market share. Read it to build a better company from within rather than from above; read it to reawaken your joy in what you do.

2017年諾貝爾經濟學獎得主,行為經濟學之父,理查‧塞勒半自傳性代表作!


「塞勒博士是『行為經濟學』先驅,將心理學的研究應用於經濟學的決策分析中。他的實證研究和理論洞見,加速行為經濟學的擴展,亦為經濟研究和政策方面帶來深遠影響。」

──2017年諾貝爾獎評審委員會

「當代最懶惰也最不凡的經濟學奇才!」──《快思慢想》作者 丹尼爾•康納曼

「如果我必須跟一位當代天才困在電梯裡,我會選擇塞勒。」──《異數》作者 麥爾坎.葛拉威爾

「塞勒博士研究人類行為四十餘年,在過去五年內,操盤績效擊敗99%同類基金,不景氣中逆勢增長至37億美元!」──彭博新聞社

★美國亞馬遜、《紐約時報》暢銷書排行榜冠軍
★《經濟學人》年度選書
★《金融時報》、麥肯錫年度最具影響力6本書之一
★諾貝爾經濟學獎得主 丹尼爾•康納曼、羅伯•席勒  共同推薦
★台大經濟系副教授馮勃翰 審定


人類會做出不符經濟學預測的行為?
當我們談到經濟時,真該把自己擺進算式裡!

行為經濟學無所不在,諸如國家政策、企業管理,以及逛超商要不要買「第二件半價」等思考模式,皆與這門學科有密不可分的關係。英美各國政府、世界頂尖大學、金融界已將行為經濟學應用在政策執行與規畫管理上。

傳統經濟學假設經濟人是理性的,以追求最大利益為前提,但是行為經濟學之父塞勒博士指出,人類並非完全理性,我們不如愛因斯坦聰明,也沒有苦行僧的自制力,而是有熱情有偏見有衝動的人類。我們會在發薪日去大血拚,還會因為股市短期獲利而影響判斷,所做的決定反而與經濟學家假設的標準性模型相去甚遠,更有甚者,這種不合理行為會造成嚴重的後果。因此,經濟的核心是人──可預測卻易犯錯的個人,我們需要的是以真實人類為主體的經濟模型,才能幫助個人、企業,以及政府做出更好的決定。 

本書行文幽默風趣,塞勒博士的研究貼合現實,能夠引導讀者在日趨複雜難懂的世界中做出更聰明的決定,並且將行為經濟學應用在生活各個層面中,包括理財、購物、投資等,將會徹底改變讀者對經濟學、自己,以及整個世界的看法。


我們每一天都在應用行為經濟學:

▍300元購入的紅酒現增值為3,000元,收藏家不願賣出,只偶爾開一瓶來喝,也不想花3,000元買酒。為何他寧願喝現值3,000元的酒,卻不想花同樣金額買酒或賣掉原先的收藏?
→ 這就是「機會成本」。無論喝掉藏酒或買新酒,機會成本是一樣的,可是一般人很難在機會成本和掏出現金之間畫上等號。放棄賣出賺錢的機會,感覺不像從皮夾裡拿出錢來那麼難受,相較於親手奉上實實在在的現金,機會成本既模糊又抽象。

▍黎妮雅願意開十分鐘的車去買原為500元,折價後少100元的鬧鐘,卻不願意為了定價5萬元的電視機,開十分鐘的車買折價100元的同樣商品。
→儘管這十分鐘都價值100元,但是我們較願意為了定價500元的鬧鐘多跑一趟,正是因為電視機省下的錢算不上是「最小可覺差異」。一般人對於獲得和損失皆呈現敏感度遞減,面對獲得,我們抱持著風險規避態度,面對損失,卻抱持風險偏好態度。

▍文斯付了3萬元的室內網球場會員費,他罹患網球肘後依然忍痛繼續打了三個月,只因不想浪費已繳的會員費,直到疼痛變得完全無法忍受才決定放棄。
→繼續打球對財務有助益嗎?或只是覺得「浪費錢」而有罪惡感?傳統經濟學家認為應該忽略沉沒成本,偏偏人們無法忘懷。如果花錢買了卻沒用,感覺很像實際損失那些錢。我們應該要知道忽略沉沒成本是完全符合理性,甚至是必要的。

▍學校在數學大考前五天傳簡訊通知家長,此作法提升數學測驗成績的程度相當於額外多上一個月的課。家長與學生們都說他們希望該作法能持續下去,顯然他們挺樂意被輕輕推一把。
→「推力」是吸引我們注意力和影響行為環境的某些小功能。人會犯下可預測的錯誤,如果我們能夠預期這些錯誤,就能先想辦法以減少錯誤發生,或提醒人們可能會忽略的事情,發簡訊就是方法之一。


【各界熱烈推薦】

塞勒不僅是開創行為經濟學的創意天才,也是很有趣的說故事高手,他的所有天分都在這本書中發揮得淋漓盡致。
──諾貝爾經濟學獎得主、《快思慢想》作者 丹尼爾• 康納曼

過去30年間,經濟學界發生一場最重大的革命,塞勒正是這場革命的中心人物。在這本迷人的傑作中,他舉出行為經濟學的例證,解釋學界抗拒的原因。拿起來品讀就對了!本書是這門新興刺激經濟學的最佳指南。
──諾貝爾經濟學獎得主、《金融與美好社會》作者 羅伯•席勒

本書必然成為經典!塞勒如今已是經濟思想史上的一號人物,可謂前無古人......確實顛覆出新局......種種銳利觀察激發出最遠大的真知灼見,簡直該獲頒奧運金牌。
──《新漫遊者評論》,哈佛大學法學院教授,與本書作者合著《推力》 凱斯.桑思汀

本書精采道出塞勒如何把對判斷與行為的觀察跟經濟學鎔鑄於一爐,並呈現這些研究方法的箇中價值。
──《自然》雜誌

對行為經濟學歷來發展的慧黠探討,稍帶顛覆意味……引人入勝,相當發人深省。
──《紐約時報》,哥倫比亞大學商學院財務經濟學兼任教授 強納森.肯尼

讀來非常享受......精采例子俯拾皆是......在理論與實務預測方面,早該把思維從「經濟」改為「人」。
──《華爾街日報》,社會心理學家 卡蘿.塔芙瑞斯

塞勒在本書以冷冷的幽默感闡述他所掀起的經濟學革命,簡單說明箇中關鍵概念,時而挑戰既有看法。
──《芝加哥論壇報》

奇特而有趣。奇特之處在於,多數教授寫不出這樣好玩而切身的好書;有趣之處在於,書中內容不只道出塞勒的職涯歷程,也呈現行為經濟學的思維理路──這門學科是探討活生生的真人,不像傳統經濟學理論是預設人會理性的謀求最大利益。
──《魔球》《大賣空》作者 麥可.路易士

社會科學領域的大膽聰明之作,妥善呈現這個重要的思維變革,一般讀者也能讀得興味盎然......一本處理重要主題的傑作。
──《泰晤士報》,丹尼爾.芬克斯坦

先前並無書籍闡述此一主題的發展歷程,塞勒教授堪稱先驅,憑本書補足現有缺口。
──《獨立報》

令人不忍釋卷......小說般的發展紀實,充斥英雄與惡徒、勝利與災難、衝突與友誼......塞勒才華洋溢,抱持無盡的求知欲,講究實證精神,關注公眾福祉。
──《衛報》

我希望所有商界人士都購買本書,這本書實在太好了!
──英國奧美集團副總裁 羅里•塞瑟蘭

本書道出現代經濟學裡幾個最重要洞見的背後故事。如果我必須跟一位當代天才困在電梯裡,我會選擇塞勒。
──《異數》作者 麥爾坎.葛拉威爾

塞勒不只是行為經濟學的奠基者,還是擅長觀察的說書人,下筆幽默而風趣。找個位子,倒杯好酒,且聽塞勒娓娓道出他是如何讓經濟學界不得不承認人腦的影響。
──史丹佛大學商學院組織行為學教授暨《讓創意更有黏性》作者 奇普.希思

把行為經濟學闡述得精采生動,寫得極好。
──普立茲獎得主 大衛.魏瑟

饒富趣味......精采道出傳統經濟學與金融理論的缺點。
──CFA特許財務分析師協會 羅納德.莫伊

本書跟刻板老調大相逕庭。塞勒與同仁的研究發現無法整理為一條討喜公式,原因是這些發現關乎混亂的真人,但是本書讓人不得不同意,當談到經濟學的時候,我們真該把自己也擺進算式裡。
──《君子》雜誌

塞勒寫下了行為經濟學的聖經。本書引人入勝,內容廣泛全面,描述他如何投身論戰並大舉獲致成功,最終讓經濟學界不得不承認人類會做出不符合經濟學預測的行為。
──《展望》雜誌

結合個人自傳與學門歷史,講述塞勒如何從博士班即著迷一個現象:經濟學模型的預測是一回事,一般人的行為卻是另一回事。
──《今日管理》雜誌

 

【作者簡介】

理查•塞勒 Richard H. Thaler

羅徹斯特大學經濟學博士。目前在芝加哥大學布斯商學院任教,並且擔任決策研究中心主任,亦曾任美國經濟學會主席,在美國國家經濟研究局主持行為經濟學的研究工作,為歐巴馬政府經濟政策的幕後推手。

塞勒博士被美國國家公共電台譽為「行為經濟學之父」,在行為經濟學領域中,其論文被引用次數高居前三名,學界一直視他為呼聲最高的諾貝爾經濟學獎候選人之一。引領他進入這個領域的前輩丹尼爾•康納曼(《快思慢想》作者)在2002年獲頒諾貝爾經濟學獎,行為金融學大師羅伯•席勒也在2013年獲獎,其研究也受到他的影響。塞勒博士的代表著作有《贏家的詛咒》《推力》(與哈佛大學法學教授凱斯•桑思汀合著)。

諾貝爾經濟學獎得主暨《快思慢想》作者康納曼讚譽塞勒博士為「當代最懶惰也最不凡的經濟學奇才」。行為經濟學近年在社會各層面嶄露鋒芒,被主流經濟學家、市場和政府機構所重視,如今已是經濟學中不斷成長茁壯的一支,世界各地的頂尖大學都可見其追隨者,其背後最強力的推手就是塞勒博士。行為經濟學家與行為科學家近年亦逐漸成為決策當局的諮商對象。英國政府在2010年成立內閣辦公室行為研究小組,其它國家亦加入此一行列,成立特殊任務小組,並且將其他社會科學的研究發現整合至公共政策規畫當中。此外,商界也跟上了腳步,體認到了解人類的行為就跟了解財務報表與經營管理一樣重要,兩者都是經營成功不可或缺的要素,畢竟經營公司的是人類,而他們的員工與顧客也都是人類。

This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances.

Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life.


The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser.

I když je lidský mozek jistě úžasná věc, byl stvořen jen k určitým účelům, například jak najít potravu a přitom se nenechat sežrat. Účely, k nimž stvořen nebyl, jsou například výběr dobrého penzijního spoření, omezení škodlivého znečištění, vyhýbání se tučné stravě, a plánování na dlouhou dobu dopředu. Každý den se musíme pro něco rozhodnout, děláme stovky voleb, a dost často se, bohužel, rozhodneme špatně. Tyto omyly škodí našim peněženkám, našemu zdraví i naší planetě. Autoři této knihy nám ukazují, že když poznáme způsob, jak lidé myslí, můžeme navrhnout prostředí, v němž pro ně bude jednodušší vybrat si tu nejlepší alternativu pro sebe, své prostředí a společnost. S použitím barvitých příkladů z různých důležitých stránek lidského života nám Thaler a Sunstein dokládají, že promyšleně postavená „architektura výběru“ nás může postrčit, šťouchnout směrem k výraznému zlepšení našich rozhodnutí, aniž by porušovala naše právo volby.

 

O autorovi:

 

Richard H. Thaler se zabývá chováním v oblasti ekonomie a financí a psychologií rozhodování. Pochází z New Jersey. Studoval na Case Western Reserve University, kde získal bakalářský titul. Ve studiu pokračoval na univerzitě v Rochesteru, kde získal magisterský titul a doktorát. Je ředitelem Centra pro výzkum rozhodování. Píše články do mnoha významných ekonomických a finančních časopisů. Napsal tři knihy. Učil na několika vysokých školách, v současnosti pracuje na univerzitě v Chicagu.

 

Cass R. Sunstein se zabývá právem, a to zejména ústavním, správním a environmentálním, a také právem a chováním v ekonomice. V současné době je šéfem amerického Úřadu pro záležitosti informací a regulace (OIRA). Sunstein studoval práva na Harvardu, pak pracoval jako úředník nejvyššího soudu a poradce na ministerstvu spravedlnosti. Do roku 2008 byl profesorem na univerzitě v Chicagu. Napsal mnoho článků i řadu knih, které pojednávají např. o shromažďování informací, o ohrožení demokracie Internetem, nebo o Franklinově Druhé listině práv.

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