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
Nudge (book) deliberate and self-conscious. It is the one at work when people decide which college to attend, where to go on trips, and (under most circumstances) whether or not to get married. Because of these differences and conflicts between these systems, people are often subject to making mistakes that are the result of widely occurring biases, heuristics, and fallacies. These include: Libertarian paternalism (also called soft paternalism) is the union of two political notions commonly viewed as being at odds: libertarianism and paternalism. Sunstein and Thaler state that "the libertarian aspect of our strategies lies in the straightforward insistence that, in