Quasirational Economics

Quasirational Economics

Paperback

By (author) Richard H. Thaler

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  • Publisher: Russell Sage Foundation
  • Format: Paperback | 416 pages
  • Dimensions: 153mm x 230mm x 30mm | 585g
  • Publication date: 4 January 1994
  • Publication City/Country: New York
  • ISBN 10: 087154847X
  • ISBN 13: 9780871548474
  • Edition: New edition
  • Edition statement: New edition
  • Sales rank: 854,469

Product description

Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor, why do economic models so often fail to predict market behavior accurately? According to Richard Thaler, the shortcomings of the standard approach arise from its failure to take into account systematic mental biases that color all human judgments and decisions.

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Author information

RICHARD H. THALER is Henrietta Johnson Louis Professor of Economics, and director of the Center for Behavioral Economics and Decision Research, Johnson Graduate School of Management, Cornell University."