1. Behavioral Economics Challenges Rationality: Understanding human quirks and biases.
2. Mental Accounting Skews Financial Decisions: Treating money differently based on context.
3. Fairness Trumps Self-Interest: People value fairness over pure financial gain.
4. Nudges Guide Better Choices: Subtle changes can lead to significant impacts.
5. Overconfidence Leads to Poor Decisions: Awareness of this bias is crucial.
6. Endowment Effect Distorts Value Perception: Ownership influences how we value things.
7. Social Preferences Drive Decisions: Altruism and fairness often override self-interest.
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Richard Thaler’s *Misbehaving* reveals how human quirks and irrational behaviors challenge traditional economics, paving the way for behavioral economics.
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