Nudge: Improving Decisions About Health, Wealth, and Happiness [Kindle Edition] Author: Richard H. Thaler | Language: English | ISBN:
B00A5DCALY | Format: PDF, EPUB
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A New York Times bestseller
An Economist Best Book of the Year
A Financial Times Best Book of the Year
Nudge is about choices—how we make them and how we can make better ones. Drawing on decades of research in the fields of behavioral science and economics, authors Richard H. Thaler and Cass R. Sunstein offer a new perspective on preventing the countless mistakes we make—ill-advised personal investments, consumption of unhealthy foods, neglect of our natural resources—and show us how sensible “choice architecture” can successfully nudge people toward the best decisions. In the tradition of The Tipping Point and Freakonomics, Nudge is straightforward, informative, and entertaining—a must-read for anyone interested in our individual and collective well-being.
Books with free ebook downloads available Download Epub Nudge: Improving Decisions About Health, Wealth, and Happiness
- File Size: 859 KB
- Print Length: 324 pages
- Page Numbers Source ISBN: 014311526X
- Publisher: Penguin Books; Revised & Expanded edition (February 24, 2009)
- Sold by: Penguin Group (USA) LLC
- Language: English
- ASIN: B00A5DCALY
- Text-to-Speech: Enabled
X-Ray:
- Lending: Not Enabled
- Amazon Best Sellers Rank: #5,604 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
- #6
in Kindle Store > Kindle eBooks > Business & Money > Personal Finance - #9
in Kindle Store > Kindle eBooks > Business & Money > Management & Leadership > Decision-Making & Problem Solving - #11
in Kindle Store > Kindle eBooks > Business & Money > Economics
- #6
in Kindle Store > Kindle eBooks > Business & Money > Personal Finance - #9
in Kindle Store > Kindle eBooks > Business & Money > Management & Leadership > Decision-Making & Problem Solving - #11
in Kindle Store > Kindle eBooks > Business & Money > Economics
The good part of this book is that it contains a lot of practical and nonpartisan policy advice, such as requiring corporations to sign people up for the 401(k) by default and then letting them opt out. This is an example of what they mean by "nudge". You don't need to coerce people; since something has to be the default option you can at least give them intelligent defaults.
The bad side of the book is its poor understanding of human nature. Libertarian economists such as Gary Becker have been aggressively promoting free markets based on a mathematical vision of rational decision making. Needless to say, this vision could only apply to ultra-logical people like Mr. Spock - the notorious Homo economicus. The breakthroughs of behavioral economics teach us that real people do not act like Mr. Spock. This book does an excellent job explaining the major findings of behavioral economics. But rather than try to understand the richness of real human behavior, most behavioral economists tilt towards the opposite extreme. They pronounce humans as irrational and filled with hidden biases. Homo economicus has been replaced by Homo irrationalus.
That's unfortunate because the real story of human nature is far more interesting. Consider the case of loss aversion (pp 33-34). In a classic experiment which has been replicated hundreds of times, students were randomly given free coffee mugs. The mug-less students were asked how much they would pay to get a mug and the students with mugs were asked how much they would want in order to sell their mugs. It turns out that students with mugs wanted an average of about twice as much as the mug-less students were willing to pay! This goes by the name of loss aversion, the endowment effect, and the status quo bias.
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