Behavioral Economics

The Basics

by Philip Corr, Anke Plagnol

The second edition of Behavioral Economics: The Basics summarizes behavioral economics, which uses insights from the social sciences, especially psychology, to explain real-world economic behavior. Behavioral economic insights are routinely used not only to understand the choices people make but also to influence them, whether the aim is to enable citizens to lead healthier and wealthier lives, or to turn browsers into buyers. Revised and updated throughout with fresh current-event examples, Behavioral Economics: The Basics provides a rigorous yet accessible overview of the field that attempts to uncover the psychological processes which mediate all the economic judgements and decisions we make. The book showcases how behavioral economics is rooted in some now-old (philosophical, political, and moral) ideas surrounding economics, and in an important sense is a modern expression of some long-standing criticisms of mainstream economics. It contrasts the neoclassical economic perspective (ECON) with a more realistic perspective (HUMAN – the flesh-and-blood economic agent who is not perfect in all respects but who manages to do the best under limitations and constraints). This is a comprehensive overview of the whole field, covering all the main areas, presented in a rigorous yet accessible form. It should especially appeal to students, those with an interest in applying behavioral economic knowledge in their professional life, and anyone who wants to know how they are being influenced every day of their lives by (usually unseen) behavioral insights.

Genres: Economics, Psychology, Nonfiction, Business, Academic

266 pages, Paperback

First published June 20, 2018

Reviews

[Tino · Rating 4 out of 5]

A good, quick primer on behavioral economics featuring all the major theories. Could have been a little longer. 4 stars.

[Nick · Rating 4 out of 5]

A solid, well-written introduction to behavioral economics. Corr does not necessarily give the reader any tools to apply the lessons learned in the book, but it more than adequate as an introduction or a refresher to the subject. Many people, particularly those in government service, would find themselves more critical analysts with this basic understanding. Instead of assuming that things are certain ways because that way has been deemed by others to be efficient and work, we should be thinking if things are certain ways because of heuristics and non-rational biases.

This is one of the few books I've read that I feel comfortable recommending to anybody else. This book should be read and appreciated by any professional manager or leader, and most people would benefit from an understanding of how companies manipulate their customers. Ironically, the people who feel that they can't be bothered with this subject, and not because they are already familiar with it, are probably the ones who need it the most.

[Josh Lambert · Rating 3 out of 5]

Indeed a basic introduction to Behavioural economics. I felt less time could be spent introducing ‘classical’ economics and maybe more time exploring some of the behavioural topics in more detail. But a good foundation for the topic

[Diane Read · Rating 5 out of 5]

Brilliant, I will definitely be buying the physical book, to add to my own bookshelf, it was very informative, in a common sense easily digestible statistics way. Incredibly interesting and surprisingly eye opening, well researched…📚

[Charlie Dixon · Rating 3 out of 5]

Good introduction to a complex and interesting topic. Primes you for exploring the topic further.

[Bryan · Rating 3 out of 5]

A reasonable introduction to behavioral economics.

[Sigurdur · Rating 5 out of 5]

Excellent overview. Well written and with enough humor to make the reading a joy.

[Orhun · Rating 5 out of 5]

Perfect introductory book for behavioral economics

[Mark · Rating 5 out of 5]

Well written and easy to read. Basic concepts are understandable.

[Jeor · Rating 4 out of 5]

It say "the basics", what did I expect, 4 stars for being an introduction

[Ryan Murphy]

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[Maria · Rating 3 out of 5]

I had to read this whole book for a class so like I didn’t WANNA read it however there are some like good points in here. Made me think a LOTTTT about how the things around me influence my decision making and how I also influence others decision making!