Michelle Baddeley: Behavioral economics: a very short introduction

Michelle Baddeley: Behavioral economics: a very short introduction Financ Mark Portf Manag (2018) 32:235–237 https://doi.org/10.1007/s11408-018-0310-y BOOK REVIEW Michelle Baddeley: Behavioral economics: a very short introduction Oxford University Press, 2017, 168 pages Jonas Romer Published online: 7 May 2018 © Swiss Society for Financial Market Research 2018 “We do not play chess like a grandmaster, invest like Warren Buffett, or cook like an Iron Chef. Not even ‘as if.’ It is more likely that we cook like Warren Buffett (who loves to eat at Dairy Queen).” This quote from economist and Nobel laureate Richard Thaler illustrates the fundamental problem of traditional economics: It assumes that everyone acts “as if” he or she were an expert. In reality, however, this is rarely the case. Humans often rely on instincts, utilize stereotypes, and misjudge probabilities. Behavioral economics aims to adjust for these inaccuracies. In Behavioural Economics: A Very Short Introduction, Michelle Baddeley intro- duces the reader to behavioral economics and outlines how it revolutionizes economic models and methods. Thereby, she not only succeeds in providing the reader with an excellent overview of the topic but also in sparking intrigue within the reader to dig further into the subjects throughout the book. Baddeley structures her short introduction in nine chapters. In http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial Markets and Portfolio Management Springer Journals

Michelle Baddeley: Behavioral economics: a very short introduction

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Publisher
Springer US
Copyright
Copyright © 2018 by Swiss Society for Financial Market Research
Subject
Business and Management; Business and Management, general; Finance, general; Management
ISSN
1934-4554
eISSN
2373-8529
D.O.I.
10.1007/s11408-018-0310-y
Publisher site
See Article on Publisher Site

Abstract

Financ Mark Portf Manag (2018) 32:235–237 https://doi.org/10.1007/s11408-018-0310-y BOOK REVIEW Michelle Baddeley: Behavioral economics: a very short introduction Oxford University Press, 2017, 168 pages Jonas Romer Published online: 7 May 2018 © Swiss Society for Financial Market Research 2018 “We do not play chess like a grandmaster, invest like Warren Buffett, or cook like an Iron Chef. Not even ‘as if.’ It is more likely that we cook like Warren Buffett (who loves to eat at Dairy Queen).” This quote from economist and Nobel laureate Richard Thaler illustrates the fundamental problem of traditional economics: It assumes that everyone acts “as if” he or she were an expert. In reality, however, this is rarely the case. Humans often rely on instincts, utilize stereotypes, and misjudge probabilities. Behavioral economics aims to adjust for these inaccuracies. In Behavioural Economics: A Very Short Introduction, Michelle Baddeley intro- duces the reader to behavioral economics and outlines how it revolutionizes economic models and methods. Thereby, she not only succeeds in providing the reader with an excellent overview of the topic but also in sparking intrigue within the reader to dig further into the subjects throughout the book. Baddeley structures her short introduction in nine chapters. In

Journal

Financial Markets and Portfolio ManagementSpringer Journals

Published: May 7, 2018

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