Misbehaving by Richard H. Thaler Summary
Overview of Misbehaving
Thaler's Nobel Prize-winning exploration reveals how humans - not rational "Econs" - make predictably irrational decisions. By challenging economic orthodoxy with humor and insight, "Misbehaving" transformed retirement planning policies worldwide. Ever wonder why opt-out programs work better than opt-in? The answer might surprise you.
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Points clés
Why We're All Economic Misbehavers
Ever notice how you'll spend twenty minutes hunting for a coupon to save five dollars on groceries, but wouldn't bother saving the same amount on a $500 laptop? Or how lottery winners often blow their winnings while carefully budgeting their paychecks? For decades, economists dismissed these behaviors as irrelevant quirks. But what if these "quirks" reveal something fundamental about how humans actually make decisions? This question consumed Richard Thaler, an economist who spent forty years documenting how real people deviate from the rational ideal. His work didn't just challenge economic orthodoxy-it birthed an entirely new field called behavioral economics, earning him a Nobel Prize and reshaping everything from retirement policy to tax collection. Economics built its entire foundation on a fictional character called Homo economicus-perfectly rational beings who optimize every decision, never contradict themselves, and process information without bias. Economists loved this character because it allowed them to build elegant mathematical models. There was just one problem: nobody actually behaves this way. Thaler discovered this early in his teaching career through a simple exam. His microeconomics students scored an average of 72 out of 100 points and were furious, despite his explanation that grades would be curved. His solution? Make the next exam equally difficult but worth 137 points instead. Students now averaged 96 points-actually performing worse percentage-wise-but left the classroom delighted. This made no sense in traditional economic theory, where only real outcomes should matter, not arbitrary numerical scores.
How Your Brain Manages Money and Makes Decisions
The Battle Between Present and Future Self
When Economics Meets Morality and Ownership
When Markets Misbehave
Building a Better World Through Better Choices
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Cree par des anciens de Columbia University a San Francisco
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"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
Cree par des anciens de Columbia University a San Francisco
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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