Richard Thaler: Behavioral economics

One day in 1970, a young economist became curious about research findings showing that even intelligent people repeatedly make irrational choices. Traditional economics had always explained all phenomena based on the premise that humans act rationally, but reality was completely different. Fascinated by this fact, he began to find and add to his research list cases proving the discrepancy between economic models and the real world, and started exploring throughout his life how decision-making occurs in "living humans." This was the moment when Richard Thaler, the 2017 Nobel Prize winner in Economics, encountered behavioral economics. Unlike traditional economics, which firmly believes in human rationality, behavioral economics focuses on the unpredictable psychology and nature of humans. It is characterized by an attempt to explain fickle human behavior more accurately by broadly applying various social sciences, including psychology, to economic models. Furthermore, as Thaler nicknamed it "liberal interventionism," it can serve as an effective solution that guides people to make better choices through the process of making their own judgments, without any commands or coercion. This book, a comprehensive compilation of the past 40 years of behavioral economics research by Nobel laureate Richard Thaler, vividly portrays the principles of behavioral science that form the foundation of this innovative discipline, as well as the process of pioneering and developing it, much like a movie. The hidden episodes involving economic giants such as Daniel Kahneman, Amos Tversky, Robert Shiller, and Paul Samuelson, along with the fierce debates that unfolded among economists, are also more than enough to satisfy intellectual curiosity.

Korean title: 행동경제학

Korean author: 리처드 탈러

Korean publisher: 웅진지식하우스

ISBN-13: 9788901248684