Bank Tellers, Fighter Pilots, and the Limits of Rationality: The Origins of Behavioral Economics
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- Synopsis
- Much of economic theory has revolved around the age-old assumption that humans make choices rationally and based on probability, or what we have learned from previous experience. Free markets operate under this assumption, even going so far as to frame the obesity epidemic as the result of personal choices made by rational individuals. In this chapter, physician and behavioral scientist Peter Ubel explores the origins of behavioral economics, which challenges the assumption that humans always act in their own best interest. This chapter is excerpted from "Free Market Madness: Why Human Nature Is at Odds with Economics--and Why It Matters."
- Copyright:
- 2009
Book Details
- Book Quality:
- Publisher Quality
- Publisher:
- Harvard Business Publishing
- Date of Addition:
- 08/02/16
- Copyrighted By:
- HBS Press
- Adult content:
- No
- Language:
- English
- Has Image Descriptions:
- No
- Categories:
- Nonfiction, Business and Finance
- Submitted By:
- Bookshare Staff
- Usage Restrictions:
- This is a copyrighted book.