Cashews, Coffee Mugs, and the Birth of Behavioral Economics
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- Synopsis
- The theory that human beings act rationally and in their own best interest has dominated economics since the publication of Adam Smith's influential book, "Wealth of Nations." More recently, however, research in psychology and economics has uncovered evidence that the opposite is true: people do not always make rational choices. This chapter looks at examples of irrational consumer behavior as it details the quest of some economists to show how irrational forces can influence market transactions--a foundational principle of the relatively nascent field of behavioral economics. 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.