Optimally irrational : the good reasons we behave the way we do / Lionel Page.

Format:

Book

Author/Creator:

Page, Lionel, author.

Language:

English

Subjects (All):

Economics--Psychological aspects.

Economics.

Physical Description:

1 online resource (xiv, 306 pages) : digital, PDF file(s).

Edition:

First edition.

Place of Publication:

Cambridge : Cambridge University Press, 2023.

Summary:

For a long time, economists have assumed that we were cold, self-centred, rational decision makers - so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent 'biases' are good solutions to practical problems - that many of the 'flaws' identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these flaws and their meaning, presents a sort of unified theory of behaviouralism, cognitive psychology and evolutionary biology. He gathers theoretical and empirical evidence about the causes of behavioural 'biases' and proposes a big picture of what the discipline means for economics.

Contents:

Cover

Half-title

Title page

Copyright information

Contents

List of Figures

List of Tables

Preface

Part I Setting the Scene

1 The Homo Economicus Model

2 The Psychology of Biases in Human Behaviour

3 The Logic of a Scientific Revolution in Economics

4 Evolution and the Logic of Optimisation

Part II Individual Decisions

5 Rules of Thumb and Gut Feelings

6 Reference Points and Aversion to Losses

7 Sensitivity to Probability

8 The Randomness of Choices

9 Impatience

Part III Social Interactions

10 Kindness and Reciprocity

11 Emotions and Commitment

12 Social Identity

13 Impression Management

14 Selection of Delusion

Part IV Epilogue

15 Rationality?

Bibliography.

Notes:

Title from publisher's bibliographic system (viewed on 14 Nov 2022).

Includes bibliographical references.

ISBN:

9781009209168

1009209167

9781009209182

1009209183

9781009209175

1009209175