Optimally Irrational
Optimally Irrational by Lionel Page, published by Cambridge University Press on November 3, 2022, is a comprehensive exploration of human behavior within the context of economics. This edition spans 325 pages and is presented in English. The book challenges the traditional view of individuals as purely rational decision-makers, known as Homo economicus, and instead posits that what are often seen as biases in decision-making can be understood as adaptive solutions to complex problems.
In this work, Page synthesizes theoretical and empirical evidence from behavioral economics, cognitive psychology, and evolutionary biology to present a unified theory of human behavior. He examines the nature of these so-called flaws and their implications for economic theory, arguing that they reveal deeper insights into how we navigate the intricacies of our environment. Readers will find a detailed analysis of the literature surrounding behavioral economics, offering a fresh perspective on microeconomic principles and the adaptive nature of decision-making.
Official synopsis Publisher
For a long time, economists have assumed that we were cold, self-centred, rational decision makers – so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent ‘biases’ are good solutions to practical problems – that many of the ‘flaws’ identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these flaws and their meaning, presents a sort of unified theory of behaviouralism, cognitive psychology and evolutionary biology. He gathers theoretical and empirical evidence about the causes of behavioural ‘biases’ and proposes a big picture of what the discipline means for economics.
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