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Behavioural Economics
- Psychology, Neuroscience, and the Human Side of Economics
- Narrated by: Dan Bottomley
- Length: 4 hrs and 48 mins
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Behavioural Economics
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Summary
The controversial science that claims to have revolutionised economics.
For centuries, economics was dominated by the idea that we are rational individuals who optimise our own ‘utility’. Then, in the 1970s, psychologists demonstrated that the reality is a lot messier. We don’t really know what our utility is, and we care about people other than ourselves. We are susceptible to external nudges. And far from being perfectly rational, we are prone to ‘cognitive biases’ with complex effects on decision-making, such as forgetting to prepare for retirement.
David Orrell explores the findings from psychology and neuroscience that are shaking up economics - and that are being exploited by policy-makers and marketers alike, to shape everything from how we shop for food, to how we tackle societal happiness or climate change. Finally, he asks: is behavioural economics a scientific revolution or just a scientific form of marketing?
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What listeners say about Behavioural Economics
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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Overall3 out of 5 stars
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Performance3 out of 5 stars
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Story3 out of 5 stars
- Richard Tol
- 05-05-24
amusing with errors
amusing but superficial, with many smaller errors and one big one: little attention to replicability
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Overall3 out of 5 stars
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Performance5 out of 5 stars
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Story2 out of 5 stars
- M. J. Dudley
- 24-02-24
It Was All Going So Well....
At first, I was worried this was going to be a superficial treatment of the subject, but perhaps that was just by way of scene-setting. Later chapters gave much more depth, even to the extent of reading out equations.
It lacked in the evolutionary psychology, or neuroscience, perspectives, but you can't have everything; and lots of factors were discussed with examples.
Then it all fell apart in the last hour when he abandoned objectivity on three "hot topics" (at the time of writing, I suppose):
Brexit
Covid
Climate Change
He clearly has strong opinions on these, and his biases oozed out. As just one example of many, he held up the Chinese response to Covid as a model that should have been followed in Britain. Whether he's right or wrong is irrelevant - he should have stuck with objectivity or at least chosen subjects that aren't still sensitive to many people and which don't have easy answers.
Pity - because he was much more balanced through the rest of the book. As he himself stated about us humans that experience something is that we tend to remember how things end. I will remember this book as leaving a sour taste in my mouth at the end.
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