Optimally Irrational: The Good Reasons We Behave the Way We Do: Perspectives in Behavioral Economics and the Economics of Behavior
Autor Lionel Pageen Limba Engleză Paperback – 31 oct 2021
- Discusses the many seemingly strange and irrational ways we often behave
- Explains how biases are often adaptive solutions to well-posed optimization problems under constraints
- Unites advances in behavioral economics with those from other behavioral sciences and evolutionary biology
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Specificații
ISBN-13: 9780128144794
ISBN-10: 0128144793
Pagini: 432
Dimensiuni: 152 x 229 mm
Editura: ELSEVIER SCIENCE
Seria Perspectives in Behavioral Economics and the Economics of Behavior
ISBN-10: 0128144793
Pagini: 432
Dimensiuni: 152 x 229 mm
Editura: ELSEVIER SCIENCE
Seria Perspectives in Behavioral Economics and the Economics of Behavior
Public țintă
This book is designed to be of interest to anybody interested in human behaviour. It is written to be accessible to a wide readership. It will be of particular interest to researchers in behavioural sciences (economics, pychology, sociology, biology).Cuprins
I
Setting
the
scene1.
The
homo
economicus
model
2.
The
psychology
of
biases
in
human
behaviour
3. The
logic
of
a
scientific
revolution
in
economics
4.
Evolution
and
the
logic
of
optimisation
II Individual decisions5. Heuristics and biases 6. Reference dependent preferences 7. Sensitivity to probability 8. Random utility 9. Time preferences
III Strategic interactions10. Kindness and reciprocity 11. Emotions and commitment 12. Trust and reputation 13. Selection of delusion
II Individual decisions5. Heuristics and biases 6. Reference dependent preferences 7. Sensitivity to probability 8. Random utility 9. Time preferences
III Strategic interactions10. Kindness and reciprocity 11. Emotions and commitment 12. Trust and reputation 13. Selection of delusion
Notă biografică
Lionel Page is a Professor of economics at the University of Technology Sydney. He has published broadly on the Economics and Psychology of human decisions. He received the 2016 Young Economist Award from the Economic Society of Australia as an economist under 40 who has made a significant contribution to economic thought. His research has been coverage by the Financial Times, Wall Street Journal, New York Times, and The Australian.
Recenzii
'What is behavioural economics and how has it affected the way economic research is conducted, used and perceived? Is behavioural economics defined by the questions it poses, the methods it employs, or by something else? How are economics' questions and methods affected by behavioural economics? Almost a century after the official divorce of economics from psychology, and some three decades into the behavioural revolution, Lionel Page offers a lucid and intelligent assessment of the state of the science. With a strong and enlightening focus on historical and philosophical perspectives, Optimally Irrational suggests evolutionary psychology as a guiding principle for organizing our knowledge, striking a balance between observation and theory, and helping us to tell apart insightful analysis from fanciful idealisation, as well as robust findings from anecdotal evidence.' Itzhak Gilboa, Professor of Economics and Decision Sciences, HEC Paris
'Rationality, central in economics and empirically abandoned in the 'behavioural revolution', is, unfortunately, rarely discussed because of its slippery nature. This monograph captures its essence, as well as that of behavioural economics. Nuanced and in-depth, it thus serves two methodological purposes - a fortunate combination because one cannot be understood well without the other.' Peter Wakker, Erasmus School of Economics, Erasmus University, Rotterdam
'The time has gone by when behavioural economists had to struggle to make any headway against the neoclassical orthodoxy that once held sway. Now the question is whether neoclassical economics can survive its replacement by behavioural economics as the new orthodoxy. But books have begun to be written which deny that any rivalry is necessary. They seek to meld the two approaches using the theory of evolution as a unifying tool. Neoclassical ideas are seen as being needed to study evolutionary processes in the style pioneered by evolutionary biologists. Behavioural economics is seen as being needed to study the outcomes of such processes in the style pioneered by evolutionary psychologists. Lionel Page's book is the best I know at expounding how this cross-fertilization of disciplines works - meaty in its choice of examples without going overboard on technical details. Future research will doubtless undermine some of the claims made from both sides of the fence, but one could not find a better source for studying the current state of play.' Ken Binmore, Emeritus Professor of Economics, University College London
'This book is an antidote to the generally pessimistic view that the field of behavioural economics has conveyed about human cognition and behaviour. Lionel Page builds a much richer understanding of the plethora of cognitive deficiencies and human misbehaviours reported in the literature. He approaches them with the mindset of someone who wonders whether they cannot be better understood as good solutions to the actual problems that humans face in real life. In the process, Page covers huge swaths of scientific territories (such as decision theory, game theory, social psychology, cognitive science). He provides very good intuitions through engaging examples and a discussion of past historical debates, in spite of the technically challenging nature of the material covered. This book is a must-read for any scientist interested in the irrational side of human behaviour. Beyond, it will be a great read to educated readers fond of behavioural economics.' Peter Bossaerts, Faculty of Economics, Cambridge University
'The human mind is an elaborate product of natural selection. Optimally Irrational is very welcome in bringing into focus the evolutionary underpinnings of human cognition as applied to economic decisions. Behavioural economics has often taken psychological mechanisms as arbitrary, without regard to the evolutionary design problems that created them. Such an atheoretical approach is questionable in view of the replication crisis in psychology. Page's deeper examination of behavioural economics is thoughtful and wide ranging. I learned much from this insightful and engaging book.' David Hirshleifer, Professor of Finance, University of California at Irvine
'Rationality, central in economics and empirically abandoned in the 'behavioural revolution', is, unfortunately, rarely discussed because of its slippery nature. This monograph captures its essence, as well as that of behavioural economics. Nuanced and in-depth, it thus serves two methodological purposes - a fortunate combination because one cannot be understood well without the other.' Peter Wakker, Erasmus School of Economics, Erasmus University, Rotterdam
'The time has gone by when behavioural economists had to struggle to make any headway against the neoclassical orthodoxy that once held sway. Now the question is whether neoclassical economics can survive its replacement by behavioural economics as the new orthodoxy. But books have begun to be written which deny that any rivalry is necessary. They seek to meld the two approaches using the theory of evolution as a unifying tool. Neoclassical ideas are seen as being needed to study evolutionary processes in the style pioneered by evolutionary biologists. Behavioural economics is seen as being needed to study the outcomes of such processes in the style pioneered by evolutionary psychologists. Lionel Page's book is the best I know at expounding how this cross-fertilization of disciplines works - meaty in its choice of examples without going overboard on technical details. Future research will doubtless undermine some of the claims made from both sides of the fence, but one could not find a better source for studying the current state of play.' Ken Binmore, Emeritus Professor of Economics, University College London
'This book is an antidote to the generally pessimistic view that the field of behavioural economics has conveyed about human cognition and behaviour. Lionel Page builds a much richer understanding of the plethora of cognitive deficiencies and human misbehaviours reported in the literature. He approaches them with the mindset of someone who wonders whether they cannot be better understood as good solutions to the actual problems that humans face in real life. In the process, Page covers huge swaths of scientific territories (such as decision theory, game theory, social psychology, cognitive science). He provides very good intuitions through engaging examples and a discussion of past historical debates, in spite of the technically challenging nature of the material covered. This book is a must-read for any scientist interested in the irrational side of human behaviour. Beyond, it will be a great read to educated readers fond of behavioural economics.' Peter Bossaerts, Faculty of Economics, Cambridge University
'The human mind is an elaborate product of natural selection. Optimally Irrational is very welcome in bringing into focus the evolutionary underpinnings of human cognition as applied to economic decisions. Behavioural economics has often taken psychological mechanisms as arbitrary, without regard to the evolutionary design problems that created them. Such an atheoretical approach is questionable in view of the replication crisis in psychology. Page's deeper examination of behavioural economics is thoughtful and wide ranging. I learned much from this insightful and engaging book.' David Hirshleifer, Professor of Finance, University of California at Irvine
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The seemingly irrational, puzzling aspects of human behaviour are not bugs, but features. Improving our navigation of the real world.
The seemingly irrational, puzzling aspects of human behaviour are not bugs, but features. Improving our navigation of the real world.