Behavioural Economics

Graham Mallard

Agenda Publishing

Behavioural Economics

Google Preview

Pub Date: June 2017

ISBN: 9781911116417

176 Pages

Format: Paperback

List Price: $23.00

Pub Date: October 2017

ISBN: 9781911116400

176 Pages

Format: Hardcover

List Price: $70.00

Behavioural Economics

Graham Mallard

Agenda Publishing

The rise of behavioral approaches in economics has been one of most significant developments in the study of economic decision-making in recent years. The increasingly acknowledged failings of standard models of choice to explain economic decisions has prompted economists to incorporate into their analysis psychological insights into individual behavior, such as social cognitive and emotional biases. This book introduces the topic of behavioral economics to a beginning readership, explaining its approach and methodology and assessing its successes and weaknesses.

The book begins by tracing the evolution of the field from its origins in Adam Smith's moral sentiments through the work of Herbert Simon to Daniel Kahneman and Richard Thaler today. The book explores how behavioral economics has advanced our understanding of human preferences including notions of fairness, reciprocity, and inequality aversion, and the mental processes involved in decision making, which vary with the complexity of the decision and the ability of the decision-maker to process the information. The decision-making of individuals within social and economic groups is explored, including financial practitioners and what this can mean for financial markets. Finally the book looks at the ways in which findings from behavioral economics have been used to alter the decisions people make, such as the nudge approach, and the ethics of such persuasion.
A clearly written, interesting and up-to-date overview that makes behavioural economics accessible to a readership unfamiliar with the subject, or with economics more broadly. Michalis Drouvelis, University of Birmingham

About the Author

Graham Mallard is head of economics at Cheltenham College and a visiting research fellow at the University of Bath.

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