Richard Thaler’s “Misbehaving” and Implications for Investors and Advisors
Richard Thaler is out with a new book, Misbehaving, tracing his career in behavioral economics. It offers an appealing combination of entertaining writing and serious discussion of the many areas he has researched. The book is a natural complement to Daniel Kahneman’s classic, Thinking, Fast and Slow. I’ll briefly compare these two books and then address what Thaler’s work says about two issues particularly important to financial advisors.