Behavioral economics/urban economics/game theory/rational choice - Book Report/Review Example

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The book “Nudge” by Thaler and Sunstein explains basic principles of behavioral economics and human behavior as well as how they benefit from particular subtle or glaring influences. These influences are referred to as nudges. They tend to help people improve their…
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Behavioral economics/urban economics/game theory/rational choice
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"Behavioral economics/urban economics/game theory/rational choice"

Download file to see previous pages The book indicated that people’s behavior is usually affected by seemingly insignificant and small details.
The Libertarian Paternalism’s power of these small details was also introduced in the book. This concept urges that people should have the freedom of choice. The paternalistic aspect claims that it is reasonable for the choice architects to influence the behavior of people so as to improve their life and health. Thaler and Sustein have defended their theory excellently through human’s psychological behavior which if it can be left un-nudged can adversely affect the well-being and health of people. They added that individuals who reject paternalism usually embrace the notion that people think and also chooses well and do not make mistakes (Thaler & Sunstein, 2008).
In chapter three the book indicates that nudges tend to work on humans. Econs usually ignore the nudges and work with the incentives. The general thought is that human beings are prone to making mistakes. Politics, economy, and culture can be easily affected by conformity. The choice architecture’s principles are explained in chapter five of the book. Bad architecture tends to violate the psychological principle referred to as stimulus or response capability. This implies that stimulus needs to be consistent with the desired actions (Thaler & Sunstein, 2008). Health-related issues are also discussed in the book where the authors have indicated that the demands for the organ donors have outgrown the organ’s supply. Chapter eleven of the book hence suggests that a better architectural choice is increasing the available organs because trading them is illegal.
The book “nudge” revolves around a theory that can be termed as the nudge theory. The theory is a concept of political theory, behavioral science as well as economics. It argues that a positive reinforcement, as well ...Download file to see next pagesRead More
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