First Edition of Richard Thaler's Quasi Rational Economics; Inscribed by Him
Quasi Rational Economics.
Thaler, Richard H.$475.00
Item Number: 75478
New York: Russell Sage Foundation, 1994.
First edition of this collection of essays. Octavo, original cloth. Inscribed by the Nobel Prize-winning economist on the half-title page, “For John Keep nudging for good! Richard Thaler.” Review copy with the slip laid in, fine in a fine dust jacket. Jacket design by Whit Vye.
Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor, why do economic models so often fail to predict market behavior accurately? According to Richard Thaler, the shortcomings of the standard approach arise from its failure to take into account systematic mental biases that color all human judgments and decisions.