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A Tale of Two Cultures
A Tale of Two Cultures
A Tale of Two Cultures
57 Issue 6
Book reviews
960
International Journal of Market Research Vol. 57 Issue 6
of advice for day-to-day research, but it sions, from buying stocks and alarm
is a thought-provoking read (and is full clocks to assigning faculty offices in a
of useful references for further reading) new building, to home finances.
and I feel I have a much better under- Richard Thaler is an American
standing now of some of the theoretical Professor of Behavioral Science and
underpinnings of the things we do. Economics at the University of Chicago.
One of the things highlighted by He is also the director of the Center for
the book is a weakness in the way Decision Research at the University of
that most people compare methods. Chicago’s Graduate School of Business.
A typical comparison of qualitative He worked with Barack Obama in the
versus quantitative will compare, for US, and with David Cameron’s ‘Nudge
example, the weaknesses of qualita- Unit’ in the UK. He is the co-author
tive with the strengths of quantitative. of the international bestseller Nudge:
A better approach is to compare the Improving Decisions about Health,
trade-offs required by one with the Wealth, and Happiness.
trade-offs required by the other, recog- Misbehaving is partly a professional
nising that both fall well short of some autobiography, partly an overview of
theoretical ideal. the evolution of behavioural econom-
It should also be noted that, since the ics. ‘Misbehaving’ is economics meets
book focuses on casual relationships, it psychology.
does not cover other areas where mar- The title of the first chapter could
ket researchers often use qualitative very well have been the title of the
techniques, such as exploration, evalu- book: ‘Supposedly irrelevant factors’.
ation and ideation – perhaps topics for Thaler starts this opening chapter by
another time? telling the story of students in one of his
classes. The students were upset when
Ray Poynter they realised that the average score for
The Future Place an exam that Thaler had administered
was 72 out of a possible 100. Thaler
thought the students’ reaction odd since
what mattered was the distribution of
Misbehaving: The making of the grades, which determined who got
behavioral economics an A, B or C, not the absolute scores.
On the next test, Thaler made the
number of available points 137 instead
Richard H. Thaler of 100. The average score on this sec-
Allen Lane, 2015 ond, slightly tougher, test was 70%.
412pp, hardback £20 But the absolute score was 96 points.
ISBN 978 1 8461 4403 5 Students were happy. No one com-
DOI: 10.2501/IJMR-2015-074 plained. Thaler attributes this reaction
to students focusing on the absolute
The title of Richard Thaler’s new book score, where the average score was in
refers to our misbehaviour as normal the 90s, and many scored in the 100s,
human beings; our irrationalities and and translating a score out of 137 into
biases when making all kinds of deci- percentages was not so obvious.
961
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