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Behavioral Economics

The Basics

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Behavioral Economics

By: Philip Corr, Anke Plagnol
Narrated by: Dennis Kleinman
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About this listen

Behavioral Economics: The Basics is the first book to provide a rigorous yet accessible overview of the growing field that attempts to uncover the psychological processes which mediate all the economic judgments and decisions we make. In seven accessible chapters, the book answers questions like:

What is behavioral economics?

  • How does it help us to understand economic behavior?
  • What does it tell us about how people form judgments and make decisions in their private and public lives?
  • What does it tell us about the psychological nature of financial catastrophes that afflict our economic system?

With recommended further readings throughout, Behavioral Economics: The Basics is essential for all students taking courses in behavioral economics, economic psychology, consumer psychology, microeconomicsm and game theory, and also for professionals looking for an accessible introduction to the topic.

©2019 Philip Corr and Anke Plagnol (P)2018 Gildan Media Economics Psychology Thought-Provoking Economic Psychology

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Poor understanding of contemporary mainstream economic theory and practice.

The authors demonstrate an introductory, undergraduate understanding of contemporary economic theory and practice.

The “homo-econ” used to contrast typical consumers is nothing more than a phantasm of their own making. No working or research economist thinks about populations this way. They’ve confused continually updated population generalisations for assertions that individuals behave as unemotionally optimisation machines.

Further, the “neo-classical” straw-man they portray is far from mainstream thinking on utility theory, econometric practices, and most obvious of all, regulatory economics.

Both should read some works by Malcolm Sparrow, and I’d highly encourage they undertake some research on modern regulatory practices to correct their misconceptions. They have poorly understood how working economists quantify and measure utility, intervene in markets and understand consumer and firm behaviour.

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