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9781782549574

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'In the study of decision-making by people in the world, the laboratory, in surveys, or in all of the above, many scholars have derided our decisions as irrational, uninformed, biased or vulnerable to illusions, if not delusions, that steer us off track. You won't find that simplistic reduction in this book. You will find plenty of cases of error, sometimes random, sometimes systematic, and sometimes in the models that are alleged to specify rational behaviour. You will also find penetrating analyses of institutions and other social systems that have made us smart, or smart enough to muddle through in an uncertain world.' -- From the Foreword by Vernon L. Smith, Chapman University, US 'Behavioural economics has been dominated by the heuristics-and-biases view, according to which deviations from coherence principles are equated with irrational behaviour, making humans appear to be a group of Homer Simpsons plagued with illusions. Many economists appear to be unaware that this viewpoint has long been contested in psychology and that experimental and analytic studies have uncovered the conditions under which deceptively simple heuristics can in fact make people's behaviour smart. This book provides a fresh perspective for behavioural economics to rethink the nature of rationality by understanding how people and institutions try to make intelligent decisions in an uncertain world where the optimal course of action cannot be known ahead.' -- Gerd Gigerenzer, Max Planck Institute for Human Development, Berlin

'In the study of decision-making by people in the world, the laboratory, in surveys, or in all of the above, many scholars have derided our decisions as irrational, uninformed, biased or vulnerable to illusions, if not delusions, that steer us off-track. You won't find that simplistic reduction in this book. You will find plenty of cases of error, sometimes random, sometimes systematic, and sometimes in the models that are alleged to specify rational behaviour. You will also find penetrating analyses of institutions and other social systems that have made us smart, or smart enough to muddle through in an uncertain world.' -- From the foreword by Vernon L. Smith, Chapman University, US 'Behavioural economics has been dominated by the heuristics-and-biases view, according to which deviations from coherence principles are equated with irrational behaviour, making humans appear to be a group of Homer Simpsons plagued with illusions. Many economists appear to be unaware that this viewpoint has long been contested in psychology and that experimental and analytic studies have uncovered the conditions under which deceptively simple heuristics can in fact make people's behaviour smart. This book provides a fresh perspective for behavioural economics to rethink the nature of rationality by understanding how people and institutions try to make intelligent decisions in an uncertain world where the optimal course of action cannot be known ahead.' -- Gerd Gigerenzer, Max Planck Institute for Human Development, Berlin

`In the study of decision-making by people in the world, the laboratory, in surveys, or in all of the above, many scholars have derided our decisions as irrational, uninformed, biased or vulnerable to illusions, if not delusions, that steer us off track. You won't find that simplistic reduction in this book. You will find plenty of cases of error, sometimes random, sometimes systematic, and sometimes in the models that are alleged to specify rational behaviour. You will also find penetrating analyses of institutions and other social systems that have made us smart, or smart enough to muddle through in an uncertain world.' -- From the Foreword by Vernon L. Smith, Chapman University, US `Behavioural economics has been dominated by the heuristics-and-biases view, according to which deviations from coherence principles are equated with irrational behaviour, making humans appear to be a group of Homer Simpsons plagued with illusions. Many economists appear to be unaware that this viewpoint has long been contested in psychology and that experimental and analytic studies have uncovered the conditions under which deceptively simple heuristics can in fact make people's behaviour smart. This book provides a fresh perspective for behavioural economics to rethink the nature of rationality by understanding how people and institutions try to make intelligent decisions in an uncertain world where the optimal course of action cannot be known ahead.' -- Gerd Gigerenzer, Max Planck Institute for Human Development, Berlin

'In the study of decision making by people in the world, the laboratory, in surveys, or in all of the above, many scholars have derided our decisions as irrational, uninformed, biased or vulnerable to illusions if not delusions, that steer us off-track. You won't find that simplistic reduction in this book. You will find plenty of cases of error, sometimes random, sometimes systematic, and sometimes in the models that are alleged to specify rational behavior. You will also find penetrating analyses of institutions and other social systems that have made us smart, or smart enough to muddle through in an uncertain world.' -- From the foreword by Vernon L. Smith, Chapman University, US 'Behavioral economics has been dominated by the heuristics-and-biases view, according to which deviations from coherence principles are equated with irrational behavior, making humans appear to be a group of Homer Simpsons plagued with illusions. Many economists appear to be unaware that this viewpoint has long been contested in psychology and that experimental and analytic studies have uncovered the conditions under which deceptively simple heuristics can in fact make people's behavior smart. This book provides a fresh perspective for behavioral economics to rethink the nature of rationality by understanding how people and institutions try to make intelligent decisions in an uncertain world where the optimal course of action cannot be known ahead.' -- Gerd Gigerenzer, Max Planck Institute for Human Development, Berlin

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Edited by Morris Altman, Dean, University of Dundee School of Business (UDSB), Chair Professor of Behavioural and Institutional Economics, and Co-operatives, Dundee, Scotland, UK

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