Taming the beasts: The Bulls and Bears in the Market (1879) by William Holbrook Beard
Thinking Fast and Slow
by Daniel Kahneman (Allen Lane, £25)
For a long time, economists have tried to deal with the problem of decision-making. Daniel Kahneman, in his new book Thinking Fast and Slow, argues that, until he and his colleague Amos Tversky started behavioural economics in the 1970s, economists had been misguided. And for better or for worse, he is mostly right.
Think of a person offered the following gamble. Flip a coin; tails wins £50 and heads, just as likely as tails,…
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