Misbehaving (book) Misbehaving (book) Misbehaving: The Making of Behavioral Economics is a book by Richard Thaler, economist and professor at the University of Chicago's Booth School of Business. He won the Nobel Prize for economics in 2017. The book builds on Thaler's work as a Behavioral Economist in trying to present an alternate view point that humans bring along behavioral biases, are error prone, and are not always rational. This view point builds on his work from his previous book, Nudge published in 2008. Thaler ties this to the effect on markets, which are otherwise expected to be efficient. Thaler uses the
Thaler (modern: ) is German for "valley", and a "thaler" is a person or a thing "from the valley". The Czech spelling was ; many varieties of the term are used in different languages. In the 1902 spelling reform, the German spelling was changed from "Thal" and "Thaler" to "Tal" and "Taler", which however did not affect the English spelling of "thaler". The later Dutch also carried the picture of a lion, which gave them the name ("lion thaler"). From an abbreviation of "leeuwendaalder" come the names of three present-day Balkan currencies, the Romanian and Moldovan Leu and the Bulgarian Lev.