6/21/2023 0 Comments Misbehaving thaler![]() ![]() First, if issues exist, make it easier for employees to speak up within the company. On the managerial side, incentivizing ethical behavior in the workplace can be achieved via simple guidelines. In order to promote a strong ethical culture, widespread awareness of policies and modeling ethical behavior remain imperative at all levels. Thaler’s findings have numerous and far-reaching implications for designing and implementing ethical systems within organizations. ![]() Ultimately, organizations will not thrive unless their assumptions and forecasts focus on people. Finally, as the book progresses, it becomes increasingly clear that a behavioral revolution in the realm of public policy is on the horizon. Utilizing empirical studies and anecdotes, funny stories, and even some jokes, Thaler persuades the reader that behavioral studies - or psychology-motivated disciplines which focus on humans, not mythical rational agents - are here to stay. Misbehaving is, first and foremost, a story of how modern economics, finance, and theoretical analysis have become increasingly specialized and narrow without substantial practical value. What do economics, psychology, and experimental science have in common? As Richard Thaler implies in Misbehaving, most economists would say little to none - but this couldn’t be further from the truth. ![]()
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