Irrationally Rational: Ten Nobel Laureates Script the Story of Behavioural Economics

By V. Raghunathan

You and your friend each have flights to catch at 8 p.m. and your destination cities are different. You decide to share a cab, but get caught in a rare traffic jam lasting several hours. You end up at the airport around midnight, and surely enough, both of you miss your flights. All quantifiable consequences of missing the flights-cost of tickets cancellation, paying for a new ticket, taking a cab back to the city, overnight stay, taking a cab back to the airport next morning, etc.-are expectedly identical for both. Now suppose the airline assistant tells you, 'Sorry, your flight left as scheduled at 8 p.m. sharp.' But your friend is told, 'Oh, how very unfortunate. Your flight was almost four hours late and only just departed ' Who feels the greater disappointment? You or your friend?

• Format: Paperback
• Language: English
• ISBN: 0143458167
• ISBN13: 9780143458166
• Release Date: July 2022
• Publisher: India Penguin
• Length: 328 Pages
• Weight: 0.79 lbs.
• Dimensions: 0.7" x 5.2" x 8.4"