This seems like a book that working people really need. Titled Behavioral Economics for Working Professionals, it is said to contain the results of 50 studies on behavioral economics from Germany's Max Planck Institute. I think anyone with even a little interest in research or reading has come across the name Max Planck Institute. I especially liked how clearly the book brings together experiments conducted at an institute with such strong international credibility in a single volume. Since the

Behavioral economics was initially an object of ridicule in economics, and I remember that even when Daniel Kahneman won the Nobel Prize in Economics in 2002 for work on behavioral economics, traditional economists pushed back. Things are different now. Richard Thaler's 2017 Nobel Prize in Economics for behavioral economics brought the field into the mainstream. Behavioral Economics for Working Professionals narrows its focus to companies and uses field experiments to show how behavioral

Richard Thaler is one of the economists who founded behavioral economics. It differs from conventional economics. Traditional economics assumes that people make rational decisions as economic agents, while behavioral economics begins with the premise that people are not rational. It observes and analyzes actual people’s irrational behavior, and this has made it possible to explain social phenomena more clearly than economics alone. Richard Thaler connected economics with psychology and received

Perhaps this book addresses a subject that everyone most wants to change and reform: the various topics, effects, and findings of real-world and behavioral economics discussed in it. “Behavioral Economics for Working Professionals” takes a comprehensive view, covering basic economic theories and schools of thought as well as economic keywords and social problems that anyone can experience in real life and at work. Beyond immediate issues and sensitivities, it makes clear how important change

Behavioral economics has become a field close to real life by focusing on the unpredictable ways human psychology and nature move. It is a new area of economics established as an academic field by Richard Thaler, a distinguished professor at the University of Chicago. Thaler is well known in Korea for his book “Nudge.” The book I am introducing is “Behavioral Economics for Working Professionals,” which summarizes 50 experiments conducted in business settings by the Max Planck Institute. I will

Economics has traditionally developed its arguments on the assumption that “people are rational.” Rational thought and behavior certainly make up a large part of human nature, but people are not always rational; this imperfect species is often irrational. At the same time, irrational behavior has reasons of its own. If we focus on that, perhaps there is a “rationality of its own” that differs from general rationality. Irrationality therefore has patterns. By studying them, we can use those

There are many economics books on the market, but honestly, I have not seen many about the economics of behavior. Studying money may seem to be economists' job, but economics that studies behavior? At first that struck me as puzzling, though it also made me expect something different. You could think of this as an accessible book that overturns conventional wisdom in economics and explains how behavior and psychology affect our decisions, as well as the feelings we associate with money. At the

Today’s featured book is “Behavioral Economics for Working Professionals,” published by ViaBook and written by Matthias Sutter. He directs the Max Planck Institute for Research on Collective Goods, whose reputation is so great that, with 31 Nobel laureates among its alumni, it has been nicknamed a “Nobel Prize training ground.” He is also an economist who actively researches behavioral and experimental economics. Behavioral economics is a relatively new, cutting-edge field that uses empirical

If a policy introduced by a CEO or leader fails to produce good results, instead lowers employees’ morale and creates a bad company culture, the company may fail to grow and could eventually close. That is why CEOs and leaders need to study behavioral economics. I recommend this book to them. Since it explains behavioral economics in the workplace, I am sure it will be a helpful guide for CEOs and leaders.