Misbehaving: The Making of Behavioral Economics
by Richard H. Thaler
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Ming made 4 highlights on Misbehaving: The Making of Behavioral Economics
Opportunity cost is vague and abstract, leading us to greatly overvalue what we currently have.
Traditional economics have long relied on actors being economically sophisticated AND rational. 😅😅 Crazy how we still study that in school!
Adam Smith himself wrote a long treatise on the passions of the human mind before writing his magnum opus, Wealth of nations.
Credit card companies insisted gas stores framed cash customers as getting a "discount", vs the credit card customers getting a "surcharge"!
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Minute Inc. 2017