Quasi Rational Economics

Richard H. Thaler

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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.

Book Details

Publisher: Russell Sage Foundation
Publish Date: Jan 4th, 1994
Pages: 389
Language: English
Edition: Revised - undefined
Dimensions: 8.92in - 6.04in - 1.17in - 1.28lb
EAN: 9780871548474
Categories: • Economics - General• Applied Psychology• General

About the Author

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.