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Misbehaving : the making of behavioral economics
Thaler, Richard H., 1945-
This book chronicles the emergence of behavioral economics, challenging the traditional view of rational economic agents. It details the author's collaboration with Daniel Kahneman and Amos Tversky, introducing key concepts such as "Supposedly Irrelevant Factors," the endowment effect, mental accounting, and loss aversion. The narrative extends to self-control issues, financial market anomalies like investor overreaction and the equity premium puzzle, and the application of these insights to public policy. Through ideas like "libertarian paternalism" and "nudges," the book advocates for evidence-based economics that acknowledges human biases to improve real-world decision-making and welfare.
This book outlines high-stakes negotiation techniques developed by an FBI hostage negotiator, challenging traditional rational approaches. It posits that human decisions are predominantly emotional, driven by System 1 thinking. Key strategies like Tactical Empathy, Mirroring, and Labeling are introduced to calm counterparts and foster understanding. The author emphasizes the importance of mastering "No" and aiming for "That's right" to achieve genuine commitment. Central to the methodology are "Calibrated Questions," which grant the other party an illusion of control while subtly guiding them towards the negotiator's desired outcome. The book also stresses the critical role of uncovering "Black Swans"—unknown unknowns—to identify true leverage and ensure successful implementation of agreements.