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) people having the desire to save more, yet procrastinating on actually doing so. This program would invite "participants to commit themselves, in advance, to a series of contribution increases timed to coincide with pay raises". The book contains an analysis of the Bush administration program Medicare Part D. Thaler and Sunstein state that "on some dimensions, Bush was on the right track" with the plan, but that, "as a piece of choice architecture...it suffered from a cumbersome design that impeded good decision making". Specifically, they think that default choices for programs should not have been random and that beneficiaries of