Nov 29

Nov 29 On The Best Behavioural Economics Books For Cyber Monday

Cyber Monday is here! Though this year is a bit different, if you are looking for a great (socially distanced) gift for a loved one, might I suggest a Behavioural Economics Book?

With many stores closed due to COVID-19 measures, Cyber Monday has never had more focus.

Many of us are wondering: How do I pick the perfect gift for my Loved Ones who will be living a locked-down holiday?

Why not a good book? They can read it in social isolation.

Whether or not you think they will find it interesting (come on, people are SO fascinating!), or you want to send a secret message that you think they are themselves irrational, these books are likely to be well-received (especially if you yourself are interested in Behavioural Economics).

Level 1: Dan Ariely – Predictably Irrational

For the complete newbie

Whether or not you’ve ever heard of Behavioural Economics before matters not, because no matter which way you slice it, Dan Ariely’s book is a great read. His openness to share his own story and humour make it impossible to not want to keep turning the pages. He also points out some quirky behaviours that he’s observed, researched, and tested, and does so in a way that really makes you think. This book is a classic in the field, and a highly accessible read.

Level 2: Richard H. Thaler and Cass R. Sunstein – Nudge

For those who see the potential

It’s one thing to better understand the irrationalities that plague the human race, but the question of what are we going to do about it is another story. This is the story that Thaler and Sunstein address in Nudge. Their branding of using choice architecture to influence behaviour in a way that doesn’t limit choice (but helps them to make a better choice for them!) as a nudge has brought a whole new meaning to this verb and has made it’s way into the vocabulary of popular culture (albeit, sometimes used incorrectly).

Are you someone who is interested in the debate about freedom of choice and liberty over your own life? You might find this book very interesting. If we know people make systematic mistakes, do we have a duty to step in and help them make better choices? Or does that limit freedoms? Not too heavy, and not too light, this is a great book for any intellectual, no matter their favourite subject area.

Level 3: Daniel Kahneman - Thinking, Fast and Slow

For those who want to dig deeper

If there ever was going to be a singular tome for a field like Behavioural Economics, this is it. Kahneman, the grandfather of the field, covers ever nook and cranny of the subject, like a history of thought. Not only do we better understand the ways in which we are cognitively limited, but we understand why this is, and the nature of how the mind works. Kahneman’s text is immaculately researched; each page is chalked full of citations of other important works.

I was studying at the London School of Economics when this much awaited booked came out. One of my professors’ work was cited in the book and she nearly flipped out because she was so honoured and excited. I had to stop and think after reading each page because they are all so interesting and full of useful information. A bit of a slower read (i.e., smaller text on the page), so consider sending an audiobook instead as your present.

Hoping I’ve just solved all your shopping troubles. Happy Cyber Monday to you all!

Love,

Dr. D

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