Overview

The second edition of Behavioral Economics: The Basics summarizes behavioral economics, which uses insights from the social sciences, especially psychology, to explain real-world economic behavior. Behavioral economic insights are routinely used not only to understand the choices people make but also to influence them, whether the aim is to enable citizens to lead healthier and wealthier lives, or to turn browsers into buyers. Revised and updated throughout with fresh current-event examples, Behavioral Economics: The Basics provides a rigorous yet accessible overview of the field that attempts to uncover the psychological processes which mediate all the economic judgements and decisions we make. The book showcases how behavioral economics is rooted in some now-old (philosophical, political, and moral) ideas surrounding economics, and in an important sense is a modern expression of some long-standing criticisms of mainstream economics. It contrasts the neoclassical economic perspective (ECON) with a more realistic perspective (HUMAN – the flesh-and-blood economic agent who is not perfect in all respects but who manages to do the best under limitations and constraints). This is a comprehensive overview of the whole field, covering all the main areas, presented in a rigorous yet accessible form. It should especially appeal to students, those with an interest in applying behavioral economic knowledge in their professional life, and anyone who wants to know how they are being influenced every day of their lives by (usually unseen) behavioral insights.

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Reviews

The writing style is easy to read. This would work for advanced undergrads or M.A. students in a large public university. It offers a more historical, social psychological, and business advertising perspectives in a book on behavioral economics (BE). This book is particularly good for extension studies, where most of our students hold full time jobs and are studying part time for their degrees. They don't have the time for traditional textbooks or original journal articles. Popular books by leading researchers ( Misbehaving , Nudge , Predictably Irrational ) are good, but are also works of advocacy, pushing a particular view rather than summarizing the body of research. This book fills a gap, providing a very good review of the research for students who don't have the time to work through the original research papers themselves. I would highly recommend this book to any instructor who is teaching a behavioral economics course through extension studies.

Author Information

Philip Corr is Professor of Psychology at City, University of London, UK, and Honorary Professor at Brunel University, UK, where he specializes in behavioral economics. Reflecting his broader personality neuroscience focus, he is most interested in how individual differences in fundamental systems of motivation and emotion relate to economic behavior. Anke Plagnol is Senior Lecturer in Psychology (Behavioral Economics) at City, University of London, UK. Her research focuses on the economic choices individuals make and how these affect their subjective well-being.

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