December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Decision making
KEY THINKERS
Amos Tversky (1937–96)
Daniel Kahneman (1934–)
BEFORE
1940s US economist Herbert Simon argues that rational decision alone does not explain human decision making.
1953 French economist Maurice Allais criticizes expected utility theory, saying that real-life decisions are not always taken rationally.
AFTER
1990 Economists Andrei Shleifer and Lawrence Summers show that irrational decisions can affect prices.
2008 US psychologist and economist Dan Ariely publishes Predictably Irrational, showing irrationality has a pattern.
Until the 1980s standard economic theory was dominated by the idea of “rational economic man” ...
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